In today's questionable economy, one extra insurance that you might want to consider is Mortgage Protection Insurance, or MPI.
Not to be confused with PMI, or private mortgage insurance, mortgage life insurance is available to cover paying off your home in case of your death. PMI, on the other hand, is an insurance your mortgage company may require more for their protection than to benefit you. PMI is generally required if the down payment is less than 25% of the sales price, or in some cases when a community has a large percentage of rental or vacation properties. Mortgage protection insurance is an optional coverage that you choose to purchase for yourself and your family.
The cost of mortgage life insurance will depend on the amount of your mortgage, your age, and your health. Your occupation could also affect the premiums if you work in a high-risk job, or certain other types of work. Often those with high-risk jobs can't get regular disability insurance, so this is an alternative that will at least protect your family's home should something happen to you or the person responsible for making house payments.
Checks will be sent directly to your beneficiary so if there is a difference in the amount you owe and the death benefit, your beneficiary will be able to keep the difference. In the unfortunate event of your death, it can be a big help to relieve a major burden from your spouse during a time of grief. We also offer separate policies that would cover your mortgage payments should you become disabled.
Personal Mortgage Life Insurance can give you great peace of mind for your family's protection, and we offer this affordable mortgage coverage at a substantially lower premium than most mortgage companies who will solicit you to add it to your home loan. Call us today for more information on this and other homeowner insurance protection!