What are the main pros and cons of group mortgage insurance plans vs regular mortgage insurance plans other than the cheaper pricing for group mortgage? - Seedly
 

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Asked by Anonymous

Asked on 06 Jul 2019

What are the main pros and cons of group mortgage insurance plans vs regular mortgage insurance plans other than the cheaper pricing for group mortgage?

Also mortgage insurance has different interest rates calculation, how does it affect the total premium and coverage?

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Haven't seen a group mortgage policy yet but the same cons apply to group policies.

1) You don't own the policy.

2) T&Cs can change without your discretion.

3) Premiums can change for better or worse.

4) You might not be able to carry on the policy after leaving the "group".

Pro:

1) Cheaper.

For anything as important as leaving a huge liability that you know your family won't be able to handle, make sure you have full control and rights to the insurance policy meant to help you out.

Just get a private policy.

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