Those are the high points, but there are others. Despite mortgage coverage being underwritten by the same providers (say Manulife, Canada Life for example) they often do the underwriting at the time of the claim as opposed to a stand-alone policy where the underwriting is completed at the time of the application. That's an enormous difference in many situations and should definitely be considered.
Those other points are largely accurate, but you have so much more flexibility with your own contract that the benefits far outweigh any minimal cost differences (if there are any). For something like disability coverage the difference is even larger because a mortgage policy here will cover the mortgage payment if you are disabled (which is better than nothing!), but often times you have other expenses you would like covered as well.
I guess I should disclaim that I do sell these products, so I could go into far greater detail if people are interested, but between these two posts you have a coles notes version to consider.
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