Mortgage Protection Insurance
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Mortgage Protection Insurance Information
Buying a home is a significant financial commitment. Typically, your mortgage is a long-lasting payment of upwards of 30 years of payments. If you suddenly were to become disabled or die, you would need a way to continue to pay your mortgage. Mortgage protection insurance (MPI) is a policy that can help your family cover your mortgage if you are unable to due to designated circumstances. Connect with a Unified Insurance Agency, LLC agent for more information on the benefits of MPI.
What Is Mortgage Protection Insurance (MPI)?
MPI is a policy that helps your family make monthly mortgage payments if you die before your mortgage is paid off. There is also a benefit within the policy that offers limited-time coverage if you lose your job or become disabled in an accident; however, not all MPI policies provide such coverage. MPI is most often referred to as mortgage life insurance because it pays out when the policyholder dies.
Is Mortgage Protection Insurance Required?
MPI is not a mortgage requirement. Your lender may recommend you buy a policy, but there are no current requirements to have one to receive a loan. Your MPI is different than private mortgage insurance (PMI). PMI is a safeguard if you stop paying for your mortgage loan and do not provide protection once the policyholder dies.
Whether or not you will benefit from an MPI policy depends entirely on your specific needs. For example, if you’re a homeowner with underlying health conditions, you may want to consider coverage due to your risks of an unexpected death being higher. Reach out to an agent to determine whether an MPI would benefit you.
How Much Does Mortgage Protection Insurance Cost?
The cost of your MPI will depend on a few factors. Often, the remaining balance of your loan, time left on your loan term, age, job, and overall risk will be considered. Contact Unified Insurance Agency, LLC today to get a quote on what a mortgage protection insurance policy may cost you.
Learn More About Mortgage Protection Insurance
Our agents at Unified Insurance Agency, LLC are ready to help you find the protection that benefits you most when you need it most. To get started with an MPI policy or connect with an agent today for more information.