As a young couple faced with raising a family and paying for a first home, car, college, and the like, term life insurance purchased through an independent insurance agency is far superior than merely purchasing mortgage life insurance from your lender. Some of the benefits of independent mrtgage life insurance are as follows: 1.) you control what happens to your life insurance coverage not the bank 2.)you decide who will be named beneficiary and receive the proceeds, not the bank, and 3.)coverage is portable and you can use it to cover another mortgage if desired.