MPI is a type of insurance policy that helps your family make your monthly mortgage payments if you – the policyholder and mortgage borrower – die before your mortgage is fully paid off. Some MPI policies will also offer coverage for a limited time if you lose your job or become disabled after an accident. Some companies call it mortgage life insurance because most policies only pay out when the policyholder dies.
As the name implies, mortgage protection insurance (also called mortgage life insurance and mortgage protection life insurance) is a policy that pays off the balance of your mortgage should you pass away. With a mortgage life insurance policy, the beneficiary is the lender, which will be paid the remaining balance of your mortgage.
We here at Insurance Perks would love to help you get the best mortgage protection policy available for you.
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