There are a variety of mortgage insurance products on the market. Some of these products claim to help you to save for a home. Some of these products are geared to make your payments in the case of disability, ill health or death.

In general, you will get a better deal on any kind of insurance if you buy it from an insurance company directly. The insurance packages that are offered to you by your lender are normally a more expensive insurance with lesser benefits. While your lender may try to talk you into insurance, you are better off to say no.

What if you have a bad credit history and your lender insists as a condition of your loan? Then, you may have to take the insurance. However, as soon as you can insure yourself separately through a carrier that deals exclusively with insurance. You'll usually save yourself a lot of money. There are many types of mortgage insurance. Some may surprise you.