Mortgage Protection Insurance
Mortgage Protection Insurance (MPI)
Help Protect The Home Your Family Depends On Your home is one of your most important assets. Mortgage Protection Insurance is designed to help provide financial support for your loved ones if you pass away during the mortgage period. This type of coverage is typically structured as term life insurance and provides a death benefit that can help your family manage mortgage payments and other financial responsibilities.
- Mortgage Protection Insurance (MPI) is a specialized Life Insurance policy that pays off your remaining Mortgage Balance directly to the Lender if you die.
- What It Does:
- Covers the Principal and Interest of the Loan
- Sends payouts directly to the Lender, not your family Features a death benefit that usually decreases as your loan is paid down
- Keeps Monthly Premiums fixed for the term
- Offers optional riders for disability, Critical Illness, or job loss
Important Differences: PMI VS. MPI
- (NOTE) PMI Private Mortgage Insurance protects the Lender if you default; MPI Mortgage Protection Insurance protects your family if you die.
