Mortgage Protection Insurance
You mortgage is probably your largest financial obligation. If something happened to you, would your family be able to handle the onslaught of payments? With mortgage protection insurance, you won't have to worry about that devastating burden. Thise coverage is commonly offered as an add-on to life and homeowners policies. For an additional cost, you can bundle this into your policy for extra peace of mind. Read on to learn what mortgage protection insurance is, who should have it, and how you can request free price quotes.
Life's unfortunate twists and turns should not leave you homeless—that is the fundamental purpose of it. In the event that you can no longer pay your mortgage due to disability, death, or job loss, this coverage will pay off the balance of your home loan. You and your family do not have to bear the burden of a tragedy like disability coupled with foreclosure. Frequently, homeowners mistake mortgage protection insurance (MPI) with private mortgage insurance (PMI), but they are entirely different policies. MPI protects against foreclosure in the event of disability, death, and unemployment, whereas PMI is required by law for people taking out a loan with less than a 20-percent down payment. Home mortgage protection is also different from life insurance, as the benefits of the policy apply only to your home loan and can be triggered by events other than death. Depending on the carrier, though, some insurers allow policyholders to add this coverage onto their existing life insurance policies. However, the coverage is most frequently bundled with homeowners policies.
Who Needs This Coverage?
Anyone who has a substantial outstanding balance on a home should think about getting a quote on coverage. While death is a possible but unlikely event, disability and job loss are everyday occurrences. At any point, you could suffer an injury that leaves you unable to work, for example. Likewise, with so much economic uncertainty, you can't be sure that your job will always be there. The costs are so minimal that the benefits outweigh the costs for the majority of homeowners with a mortgage.
Comparing Quotes in a Hurry
If you think you could benefit from this offering, request free quotes to see what kind of coverage is available to you. You can request a quote by inputting your ZIP code into the field at the top of the page. To simplify things, many carriers roll both policies, home mortgage protection and homeowners insurance, into one premium. Even if you're not ready to purchase, it never hurts to take a look at the offers available, particularly when they are cost- and obligation-free. See what kinds of rates our affiliate insurers can give you by requesting your complimentary estimates now.