If you want to move from your first starter home, upgrade to support a growing family, or move for a better work opportunity, you should have an insurance policy that moves with you. You might not know when you’re going to move next, but you don’t want to be saddled with extra fees and higher premiums if you do.

There are other issues with bank-owned insurance you should consider. The bank owns their policy, and they assign themselves the sole beneficiary. If a claim is made, the money goes straight back to them to pay off only the mortgage. This may cover the mortgage loan, but your family receives nothing more and has no ability to pay off any other pressing expenses such as funeral costs, moving costs or living costs.

If you die unexpectedly, you want your spouse or family to have the freedom to decide where the money is needed most. A mortgage life insurance policy will put them back in control.

Moving will always have challenges, but canceling and re-applying for insurance should not be one of them. Speak to an independent insurance agent who has the expertise to help you choose the right policy for you and your family.