Mortgage Protection
Insurance

Mortgage Protection Insurance focuses on assisting your family with your mortgage if you pass away or become temporarily disabled. The monthly premium for a MPI policy can range from as little as $5 per month to $100 per month.

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✺ Frequently asked questions ✺

  • MPI is a type of insurance policy specifically designed to cover mortgage payments if the policyholder dies, becomes disabled, or sometimes even unemployed. The benefit is typically paid directly to the lender, not to the beneficiary or the policyholder.

  • While both MPI and life insurance may provide a death benefit, MPI is specifically tied to your mortgage balance. The benefit of MPI decreases over time as you pay down your mortgage, whereas the death benefit for a standard term or whole life insurance policy generally remains the same throughout the term of the policy.

  • This depends on your individual circumstances. Life insurance can provide more flexibility and may cover more than just your mortgage, allowing your beneficiaries to use the death benefit as they see fit. However, MPI specifically ensures that your mortgage will be paid off, which can be reassuring.

  • The cost of MPI varies based on the amount of your mortgage, your age, health, and the term of your mortgage. Typically, MPI premiums can be higher than standard term life insurance because they often require less stringent health examinations.

  • Consider your overall financial situation, including other debts, income sources, and existing coverage. Assess whether your family would need to have the mortgage paid off immediately if something happened to you or if they could manage the payments with other funds or insurance.

  • Refinancing your mortgage can affect your MPI. Some policies may allow you to adjust the benefit amount to match your new mortgage, while others may require you to obtain a new policy. It's important to check the terms of your MPI when considering refinancing.