Taking out a mortgage can be a scary proposition. You owe lots of money to the mortgage holder. What happens if a family breadwinner suddenly passes away and a substantial portion of the mortgage remains unpaid?
Mortgage protection insurance covers this potential financial disaster. Also called MPI, mortgage protection insurance pays your mortgage in the event of death, disability or job loss. You can purchase a policy when you first buy your home, or later if you think your situation warrants it.
The idea behind mortgage protection insurance is straightforward: You pay a premium, which remains the same for the duration of the policy, and if you should die during that time, the insurance pays off the rest of your mortgage. The cost of MPI depends on a few factors, such as your age, health condition and the amount of your mortgage.
To find out more information, fill out our no obligation mortgage quote form, and one of our friendly agents will contact you.