Mortgage Protection Insurance
Keep Your Family Safe at Home with MPI
After losing a loved one, the last thing anyone wants to lose is their home, too. Protect your family's home today with mortgage protection insurance.
Cover Your Mortgage Payments with Mortgage Protection Insurance
A Term Life Policy for Homeowners
Unfortunately, many families struggle financially after losing a head of household – especially if that person was the primary (or sole) provider. For families who still owe home mortgage payments, this sudden financial strain can potentially lead to foreclosure. The best way to safeguard your family if they find themselves in this situation is mortgage protection insurance.
Mortgage protection insurance is a good idea if:
How does mortgage protection life insurance work?
First off, mortgage protection insurance (MPI) is a type of term life insurance that covers your outstanding mortgage if you were to die before paying off your mortgage in full. MPI, however, differs from standard term life in a number of ways.
No Medical Insurance with Automatic Approval
Unlike other life insurance policies, you cannot be denied for any reason – including pre-existing medical conditions, dangerous jobs, or if you smoke. Approval is automatic up to five years after obtaining your home loan.
Fixed Premiums, Decreasing Death Benefit
One unique characteristic of mortgage protection insurance is that the death benefit is tied to your outstanding mortgage. While your premiums will remain the same for the life of the policy, your death benefit will decrease periodically to account for your monthly mortgage payments reducing the loan balance.
Death Benefit Payout
Another way MPI differs from standard term life coverage is in the death benefit payout. If you die, your policy’s death benefit goes directly to the mortgage lender – not your beneficiaries – to pay off the outstanding loan amount. While this might seem strange, it saves your family from dealing with the insurance company and the lender altogether.
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Mortgage Protection Insurance FAQs
Curious about mortgage protection insurance? We can help.
We know this isn’t easy. That is why we do our best to make getting life insurance quotes as simple and convenient as possible. If you want to learn more about your life insurance options, feel free to contact us or visit our Learning Center for more information.