Outstanding debt, such as a mortgage on your home, is the main reason many people get life insurance. Mortgage protection insurance, or MPI, is life insurance designed to pay off your remaining mortgage when you die. Unlike other types of life insurance, MPI only pays the death benefit to your mortgage lender making it a much more limited option than a traditional life insurance policy.
Why opt for mortgage protection Insurance
Mortgage protection plans cover several areas. However, individuals may have the ability to choose the type and level of mortgage protection plans they may need, whether it be an accident, medical or unemployment insurance. If you’re dealing with life-threatening illnesses and the like, or if you’ve experienced layoffs at work, getting mortgage insurance plans or coverage can help you with these types of needs.
Mortgage protection coverage covers your monthly expenses and maybe some other related payments like insurance premiums on your home, giving you the worst-case scenario of taking your mind off worries if something bad happens to you.
Mortgage Protection Plans Feature
You choose the type of monthly coverage you need and pay your premium once the due date is reached. Typically, most mortgage payment protection and insurance plans stop paying after a set 12-month period. but some make payments for an even shorter period, like even six months to be exact. Mortgage insurance is really important. And that you don’t have to worry if you encounter any unfortunate situation. Compared to any other type of insurance coverage, you have to pay premiums when you choose to take out mortgage protection insurance.
The cost of the insurance plan is expressed as a rate per 100 of the monthly benefit and also consists of the tax coverage of the premium. The prices of the monthly insurance policy you need and the type of insurance policy you choose are the two important factors that can determine your cost of coverage. Because mortgage insurance plans or coverage are very important, there are specific criteria for purchasing mortgage insurance coverage.
Eligibility Criterion for MPI
To have one, one must be 18 years old as that is the well-known legal age. However, you must not be over the age of 65 to purchase one. A person is eligible for mortgage protection coverage if they are using mortgage payment protection insurance to protect the mortgage on the personal home in which they currently live. Another important criterion is that you must be employed to purchase this coverage. Mortgage coverage is not easy to understand for most people as it comes with many regulations, but you must have an excellent understanding of what is covered and what is not before using it.
Peace of Mind
Set for Life
RELATED INSURANCE COVERAGE