Mortgage Protection

Mortgage protection insurance(MPI) function as a type of life or disability insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.

Mortgage protection insurance
If you’ve recently closed on a mortgage or home equity line, you’ve probably received a flood of solicitations for mortgage protection insurance — usually disguised as official communication from your mortgage lender with few details on what they’re selling.

Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.

Note: Don’t confuse MPI with private mortgage insurance (PMI), which protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.