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Benefits of Mortgage Protection Insurance

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mortgage protecton insuranceIf you pay mortgage, you might have come across proposals of mortgage protection insurance. While this type of insurance is available in many forms, it normally covers your mortgage in the case of loss of your job or disability, or if you die, it clears your mortgage. Is Mortgage Protection Insurance really beneficial? If yes, what are the benefits? Let’s see.

Mortgage Protection Insurance – What is it?

Also called MPI, Mortgage Protection Insurance is just a form of life insurance that clears your mortgage in events like death, disability or loss of job. Its cost depends on certain factors like your age, health and the amount of mortgage. Costs vary in case of disability MPI, based on your occupation. MPI is compulsory to get if you put down less than 20% to buy your home.

Benefits of MPI

Easy Availability: MPI is easily available, i.e. it is almost always accepted. Upon filling out the application, you are asked very few questions and you get the coverage. This is beneficial for those who are uninsurable or insurable at a high cost due to health problems. It’s also beneficial for those who work in high-risk jobs, like roofers, who normally don’t get disability insurance.

Great Peace of Mind: In other types of insurance, you are not sure that you can use the insurance – the amount you have paid for so many years. But MPI offers you great peace of mind, because it eliminates your worry of what would happen to their family if they die, become disabled or lose job without repaying the mortgage. With MPI you are sure that your payments will be done.

Of course, MPI is not desired if you own your home. But if you pay a mortgage, you can use MPI in various ways and make the most of it. You can pay a lump sum and pay your mortgage off entirely or can pay in monthly installments.

Prosurity offers Mortgage Protection Insurance and many other types of insurance. Learn on their website about how to take the optimum benefits of MPI.

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