When mortgages are renewed, you usually renew your insurance at the same time and if you have had a serious illness that would make you uninsurable, the bank will usually decline the mortgage insurance.

You own the policy and it is guaranteed renewable - usually to age 85 although it would be very expensive at older ages. If you have your health, you would purchase new insurance at the end of the term.

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The bank's mortgage insurance premium can change when you renew the mortgage - usually the term on a mortgage is 3 to 5 years although it could be amortized over 20 to 25 years. Ask to see the rate schedule - it will likely have different rates divided into 5 year age groups - e.g. 35-40;40-45.

Premiums fully guaranteed.

Personal policies have guaranteed rates. They will have premiums that stay the same for 10 years or whatever term you select 10,15 or 20.

You have a separate policy for the mortgage and other policies for other life insurance needs.

The bank controls the money and pays off the mortgage - it is a declining amount

You own the insurance and it is not tied to the mortgage lender. Complete freedom to change mortgage lenders.

If you renew your mortgage through a different bank or credit union to take advantage of a lower interest rate, you can't take your bank mortgage insurance with you; you have to re-apply at an older more expensive age bracket.

Your beneficiary can take the money if it is your own policy and keep the mortgage if it is to their advantage.

If a couple owns the home, you get two separate policies which doubles the payment to the estate if both partners die. For example, if you have $150,000 of mortgage insurance, the amount declines as you pay down the mortgage. With your own policy, you would each have $150,000 for a total of $300,000 and it would not be decreasing. While very unlikely, it is an excellent benefit at no additional cost. You control the policy.