MORTGAGE PROTECTION INSURANCE
When you take out a mortgage, you can expect to be pitched mortgage protection insurance. It comes in several forms, but it typically covers your loan payments if you lose your job or become disabled, or it pays off your mortgage when you die.
Would You Benefit From Mortgage Protection Insurance?
The answer depends on your health, financial situation and what you want to happen when you die. Here are the pros and cons of mortgage protection insurance, along with tips for getting the best policy at the right price.
What Is Mortgage Protection Insurance?
Mortgage protection insurance, or MPI (sometimes called mortgage payment protection insurance), is simply a form of life insurance. The cost depends on factors such as the amount of your mortgage, your age and your health. For MPI policies that cover a mortgage in the event of disability, costs also vary depending on your occupation.