There is more than one way to insure your mortgage.
Mortgage insurance that you purchase from your lender also protects you if you cannot make your mortgage payments; however, the lender receives the payout, in the amount of your remaining mortgage balance.
When your mortgage is paid off, your insurance coverage ends.
Personal insurance shields you against a loss of income, should something happen that prevents you from making your mortgage payments. Your beneficiaries receive the payout in the amount of the policy.
When your mortgage is paid off, your insurance coverage continues as long as premiums continue to be paid.
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