Should i buy mortgage insurance or life insurance? There often is no life insurance medical exam required to buy a policy. If you’re denied term life insurance or whole life insurance because of medical conditions, mortgage life insurance may be an option to financially protect your home. Mortgage life coverage also can supplement an inpidual life insurance policy.Does the mortgage pay homeowners insurance? Maintaining homeowners insurance is a key component in getting a mortgage. By naming your mortgage company as loss payee on your policy, the insurance company will pay your lender in the event something happens to your house. For both convenience and security, you can include your homeowners insurance in your monthly mortgage payment.What is ge mortgage insurance company? GE Mortgage Insurance Pty Limited was formerly known as Housing Loans Insurance Corporation Pty. Ltd. and changed its name to GE Mortgage Insurance Pty Limited in 1997. The company was founded in 1965 and is based in Burnley, Australia. GE Mortgage Insurance Pty Limited operates as a subsidiary of Gemico Holdings Pty Ltd.What is mortgage redemption insurance? Mortgage redemption insurance is a type of decreasing-term life insurance policy. Its purpose is to provide policyholders a way to have their mortgages paid off if they die before it is fully paid.