Mortgage protection insurance (Home Page)
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.
Private Mortgage Insurance (PMI) protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.
We only sell term life insurance as our Mortgage Protection option (2nd page)
Term life is designed to pay a benefit to the person(s) or organization(s) you designate if death occurs during a specified period of time. You pick the benefit amount and the time period. The price and benefit amount generally stay the same for the entire term.
What are the benefits of term Life Insurance?
- Your family can decide how to use the proceeds. They can use it to pay off the mortgage — or for something else like replacing lost income, investing it for retirement, paying tuition or covering pressing costs like burial expenses.
- Term life can be very affordable — and probably costs less than you think.
- The coverage amount you select when you apply will remain the same throughout the entire term of coverage.
- With traditional term, the price is guaranteed to remain the same for the length of the coverage period. The cost for many MPI policies can change later.
- Some term policies offer “living benefits” in addition to a death benefit, allowing you to access the death benefit early under certain circumstances (like terminal illness).
- Some plans offer Return of Premium riders for those who want their money back at the end of their policy’s term.
- As your mortgage balance decreases, more of the death benefit would be available for your family’s other needs as well. With MPI, there will never be additional money going to your family.