What is mortgage insurance?
Mortgage insurance covers your mortgage payments in the event of serious illness, disability or death. It is a product often recommended by the financial institution providing your mortgage in order to insure against these three risks. The mortgage lender can require mortgage insurance (which is rare), but they cannot require you to take it from them. They must leave you free to choose your insurer. It’s also important to know that the lender’s insurance can be cancelled at any time without penalty.