Mortgage Protection Insurance

In case something happen to you what would happen to your home? Will your family be able to pay the mortgage? Mortgage Protection Insurance (MPI) will provide the protection your family needs in case of death, disability or you lose your job. This coverage could be the best financial move you take for your family. That’s why if you have a mortgage it’s worth looking into mortgage protection insurance.

What is mortgage protection insurance?

Mortgage protection insurance simply is life insurance that pays your mortgage if a certain event, such as death, disability or job loss occurs. The cost of this policy depends on the amount of your mortgage and your age and health. For disability MPI, costs also vary depending on your occupation.

If you purchase mortgage protection insurance it pays off your mortgage when you die. This frees your family from worrying about how to make the mortgage payments knowing that their home is paid for. Your policy pays in case you are disabled or lose your job, but only for a certain period, typically a year or two, and there may be an initial waiting period. Disability or job-loss policies pay the principal and interest on your mortgage. You may be able to get a rider to cover other mortgage-related expenses such as homeowners's association fees.

Who Should Choose Mortgage Protection?

If you are wondering if you should choose mortgage protection, then you need to ask yourself a few questions

  • Who are you leaving your debt to?
  • Can your family afford paying the mortgage without your income?
  • Do you have enough life insurance to cover the mortgage in the event of your death?
  • How many years are left before the mortgage is paid off?
  • Can you continue paying your mortgage if you are out of work for an extended period?
  • Can you afford the monthly mortgage protection premiums?

If you are concerned about your family's ability to continue making mortgage payments if you die or are injured, then you should seriously consider a mortgage protection option. When it comes time to buy mortgage protection insurance, learn about the features and price of each policy.

Contact us today to learn about Mortgage Protection Insurance.

insurance overview

Exploring your insurance options?

You are at the right place! Whether you’re shopping for business insurance, home insurance, auto insurance, medicare supplement, health insurance or life insurance, we can help get you the best coverage available. Take a few minutes to explore our site to learn about the types of coverage we provide and the educational resources we offer, and then contact us to discuss how we can meet your unique needs.

Importance of Annual Insurance Reviews.

Most people know the importance of insurance protection. You don't want to be without it when problems arise. What many don't realize, however, is that protecting themselves with insurance isn't a once and done event. You don't wear the same pants you did when you were five years old because, besides no longer being in style, they simply don't fit. A homeowner's insurance policy purchased when your house was furnished with bean bag chairs and bar stools is no longer going to "fit" once you're lounging on Italian leather sofas while watching television on your wall mounted plasma screen. Life is constantly changing, and your insurance policies should reflect that.

Freedom of Choice.

Captive agents and direct writers provide you with just one company’s insurance products, but an independent insurance agent can provide you with options from multiple insurance companies. This allows your independent agent to review offerings from different companies — many of which are only available to you through independent agents — and help you find an insurance provider that best fits your mix of coverage, price, and service needs.

Independent Agents representing YOU.

An independent insurance agent is authorized to sell several companies’ insurance products, but ultimately your agent represents you — not those companies. That means you have someone on your side and ready to ‘go to bat’ for you in the event of an insurance question or dispute. It also means you have a person who is regularly looking out for your insurance needs – which may change over time, and who can find a new insurance provider for you if your current provider is no longer the best fit.