Mortgage Protection
For many of us, our home is our biggest investment. When the breadwinner of the household suddenly passes or becomes too disabled to work; it can wreak havoc on the family’s finances — and their ability to stay in the home they love.
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage or help your family make your monthly mortgage payments if you were to pass away before your mortgage is fully paid off. Some MPI policies will also offer coverage for a limited time if you lose your job or become disabled after an accident. Some companies call it Mortgage Life Insurance because most policies only pay out when the policyholder dies.
Note: Don’t confuse MPI with private mortgage insurance (PMI), which protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.
Benefits of Mortgage Protection Insurance
Lump sum payout to pay off the your mortgage in the event of a death.
Lump sum payouts to protect your mortgage payments in the event of a critical, chronic or terminal illness.
Barrow money from your policy in the event of a short or long term disability.
Level premiums and face amounts means your policy will never change on you as you get older.
