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Mortgage protection insurance is an affordable term life insurance policy designed for homeowners. This type of life insurance ensures that your family stays in your home in the event of death or significant loss of income. The cost of the monthly premium varies depending on the amount of the mortgage, your age and your health.
Lots policies are designed to assist those living in your home, or your loved ones, with making the mortgage payments in the event of your passing. For example, if you die with a balance on your mortgage and have an MPI policy, your insurer pays the remainder of the balance directly to your lender. Your partner or your heirs won’t have to worry about making the remaining payments or losing the home.Nobody knows what the future will bring, but you can achieve peace of mind today with mortgage protection insurance.