Regarding bank mortgage insurance, unless things have changed in recent years, note it will only cover you for the remaining amount of your mortgage and go directly to your bank.
If you originally needed 300k for insurance 10 years ago and now your mortgage is 150k, that's all you're covered for but you will remain at the 300k rate. If you had a term policy or term rider on your permanent policy, your insurance amount would remain constant and would go to your survivors instead of the bank directly.
EDIT: Slava and Nufy beat me to it.
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Last edited by FurnaceFace; 05-21-2019 at 04:24 PM.
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