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	Individual Insurance	Group Mortgage Insurance
Ownership	You own the policy.	You are covered under a group policy owned by the Mortgage company. They control the coverage you receive.
Termination	The policy cannot be cancelled unless you wish to cancel it.	The company owns the group policy and can cancel it at any time.
Amount	You may select any insurance amount.	The face amount can only be the exact amount of your mortgage (no more, no less).
Type	You can choose term or permanent coverage. A term policy may be term converted, regardless of health until age 65. If you have a will permanent policy, at some point in time, the cash value from the policy may be sufficient to pay off the balance of the mortgage.	Most companies offer nonconvertible, decreasing (equal to the amount of your mortgage). The coverage expires without allowing you the opportunity to purchase other insurance or provide you with cash values should you terminate coverage. Even though the death benefit is decreasing over the term, the cost remains level over the term.
Benefits	You can personalize your policy by adding various attached plans: Waiver of Premium, Child Term, Spousal Term, Guaranteed Insurability, etc.	Limited benefits available.
Non-Smoker	Your rates will vary depending on your smoker status. Nonsmokers receive lower rates.	Generally, no distinction is made between smokers and nonsmokers
Portability	Your policy is portable. If you transfer your mortgage to another company, your insurance remains in force no need to reapply and prove your insurability. You are protected from the danger of losing your insurance because of a change in your health.	In most cases, if you take your mortgage to another company, you lose your protection. You must then submit satisfactory evidence of health and are subject to the current rate charged by the new mortgagor.
Beneficiary	You appoint a beneficiary who can use the proceeds in whatever manner he/she wishes. If it is wiser to invest the proceeds rather than pay off a low interest mortgage, the beneficiary has the choice.	The proceeds are payable to the Mortgage company. In the event of death, the company is automatically repaid.
Eligibility	You can get a policy regardless of whether the property is your primary residence.	Companies often restrict insurance to your primary residence. If you own a rental property, you may not be eligible for coverage.
Issue Ages	Policies are available up to issue age: 70 for term 80 for special term 85 for permanent 85 for Universal Life	Many companies restrict mortgage insurance to clients that are age 65 or younger, with coverage terminating at age 70.

Underwriting

Fully underwritten at time of app 2 yr contestability period

Subject to underwriting review at time of claim, NO limit of contestability if ineligible at time of app .Limited underwriting at time of app.

Comparison courtesy wwong./covirt