Mortgage protection insurance (MPI) provides a way for families to keep their home in case of an unexpected tragedy. MPI is basically a term life policy with a few differences. MPI is easier and quicker to get. It is decreasing term, meaning its benefit amount declines over time. Also, the beneficiary of an MPI policy is always the lender. MPI policies offer a few riders, such as a disability rider. One downside of MPI is if you buy the policy through your lender, you can lose coverage if you refinance or buy a new home.
- If an unexpected tragedy occurs, its important to ensure your love ones are secure.
- Also known as MPI, mortgage protection insurance allows for you to pay off your home in case you pass away.
- Unlike term life insurance, mortgage protection insurance’s benefits decrease over time, while the premium remains the same.
“Mortgage protection life insurance is a safety net in case life doesn’t goes as planned”