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Mortgage Protection Insurance
Mortgage Protection Insurance or MPI is a type of insurance policy that helps your family make your monthly mortgage payments if you die before your mortgage is paid off.
Some policies also offer coverage for a limited time if you lose your job or become disabled. Some companies call it mortgage life insurance and only pay when the policyholder dies.
The average cost of mortgage life insurance can vary depending on several factors. The amount of the mortgage, homeowner’s age, type of policy, and length of coverage can affect the price. As a rough estimate, the average cost is usually around 0.5% to 1% of the mortgage amount per year. For example, for a $200,000 mortgage, the annual cost of mortgage protection insurance could range from $1,000 to $2,000. But, this is just an estimate and actual costs can vary. You should compare quotes from different insurance providers to find the best coverage.
Understanding Mortgage Insurance: A Safeguard for Homeownership
While mortgage insurance might not directly benefit borrowers, its availability greatly enhances the opportunities for individuals and families to secure a place they can call home.
Tips for buying mortgage protection insurance
Mortgage protection insurance is a type of term life insurance designed to pay off your mortgage in the event of your death or disability.
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By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. A local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service.
120 19th Street North Suite 248, Birmingham, AL 35203
