MORTGAGE PROTECTION INSURANCE
Mortgage Protection Insurance
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage in the event of your death, ensuring that your loved ones won't have to worry about making mortgage payments. Here are some key points about MPI:
- Purpose: It provides financial security to your family by covering the remaining mortgage balance if you pass away.
- Premiums: The cost of MPI varies based on factors such as your age, health, and the amount of coverage you need.
- Coverage Amount: Typically, the coverage amount corresponds to your current mortgage balance.
- Beneficiary: The payout from MPI goes directly to the beneficiaries rather than to the mortgage holder.
- Eligibility: Some MPI policies may have specific eligibility requirements, such as being a homeowner and having an active mortgage.
Before purchasing, it’s wise to compare different options and consider your overall financial situation and needs. Contact us if you would like more information on a specific aspect of mortgage protection insurance or to customize a solution for your specific circumstances?
