What happen is that insurance agent will only cover up to the amount owing. Therefore, if the owner takes 100% of the loan & therefore, 100% is possible. However, nowadays most of the loan is shared among couple. In this case the max sum assured will be up to the max loan, Hope this helps.
as for comparison to Term insurance & mortage insurance the difference is the coverage & premium.
For e.g $200,000 loan for mortage insurance is about $200+ per year whereby Term insurance with the same sum assured cost about $400 per year. So if the objective of the plan is to take care of the mortage loan. Taking up mortage policy makes more sense.
Yes you are right. I am a agent. Therefore, i will try my best to answer if there is any enquiries.
