Mortgage protection insurance (MPI) can help cover your mortgage under certain circumstances. Without MPI coverage, you could find yourself experiencing foreclosure if you’re unable to work to pay your mortgage. Buying a home is a significant financial commitment, and our agents are here to help you determine how to protect your investment best.
What Is Mortgage Protection Insurance?
MPI is an insurance policy that can help you make monthly mortgage payments if you die before your mortgage is fully paid off. Some policies also offer coverage for a limited time if you lose your job or become disabled in an accident. Many policies will cover the remainder of the mortgage term, but this varies from policy to policy. MPI is not required but is often recommended.
You can receive MPI through your mortgage lender, private insurance company or life insurance provider. What’s best for an agent can determine you, be sure to reach out today.
How Much Does Mortgage Protection Insurance Cost?
The cost of MPI will vary depending on a few factors. Factors include the remaining balance of your mortgage loan and the time left on your loan term. Other factors considered may consist of your age, job and overall risk. To learn more about your premium rate, contact an agent.
How to Get Mortgage Protection Insurance
Our agents are ready to help you with mortgage protection insurance. Contact E.W. Smith Agency today if you have further questions or are looking to get started.