Your mortgage payments are likely one of your largest expenses. In the event of your passing, these payments could fall to your family members. Mortgage protection insurance (MPI) can protect your family from financial hardship if you pass away unexpectedly.
We’re here to help you find the coverage you deserve. Contact Unified Insurance Agency, LLC, in Thomasville, Georgia, to learn more.
What Is Mortgage Protection Insurance?
Mortgage protection insurance acts like a type of life or disability insurance. If you die, your MPI can pay off the balance of your mortgage to your lender. Unlike a traditional life insurance policy, your beneficiaries don’t have a say in how the money is spent. Your insurance payout will go directly to your mortgage lender.
How Does Mortgage Protection Insurance Work?
If you pass away with a mortgage, your MPI can help cover the remaining balance. This can help keep your family from financial hardship and prevent them from vacating the home if they cannot afford the mortgage payments. Your MPI may also cover your mortgage if you face a severe disability preventing you from working and paying off your mortgage. 
Like a life insurance policy, you will make your premium payments while you’re alive and your insurance company will provide a death benefit when you die. Your MPI payout is directly tied to your mortgage balance. Therefore, the amount your insurance company pays will decrease over time.
Do I Need Mortgage Protection Insurance?
MPI is generally not required by law. In some cases, a life insurance policy can provide mortgage payment protection for your beneficiaries, meaning an MPI is not necessary to protect your family. But if you aren’t approved for traditional life or disability insurance, an MPI could be essential for the financial stability of your loved ones. Many MPIs also have “guaranteed acceptance,” which means you can receive a policy even if you have existing health conditions or cannot get a life insurance policy.
Contact Unified Insurance Agency, LLC, to find out if mortgage protection insurance could be right for you.
How Much Does Mortgage Protection Insurance Cost?
Here are some of the factors your insurance company may consider when determining the cost of your MPI payments:
How Do I Get Mortgage Protection Insurance?
At Unified Insurance Agency, LLC, we understand the importance of protecting your family from financial hardship. Contact us today to speak to an insurance agent and learn how our insurance solutions can provide peace of mind.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.