The beneficiary is not you
The benefit extinguishes the loan balance and goes to the lender. Individual insurance pays the amount to the person you name, who then decides what to do with it: pay off the mortgage, or not.
The coverage melts with the balance
The amount covered falls as you repay, while the premium does not always follow the same curve. An individual benefit stays at the amount you bought for the whole duration.
It is not portable
Changing lenders, refinancing, or selling ends the coverage. You would then have to buy again, at your age and health at that moment. An individual contract follows you.
Underwriting sometimes happens at the claim
Some coverages ask few questions at enrolment and review the medical file at death. Individual insurance underwritten after an exam settles the insurability question at the start, not at the end.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.