Mortgage Life Insurance policies are designed to provide funds for the repayment of a residential mortgage in the event of premature death of the person or persons taking out the mortgage. Coverage is available for 15- or 30-year periods.

Mortgage protection insurance, (MPI) also called mortgage payment protection insurance, or MPPI is life insurance that can pay your mortgage if an event, such as death, disability or job loss arises.  The cost can depend on many factors such as your current mortgage your age and even your health. For disability MPI, these factors are brought into place as well as your occupation.

If you choose to purchase this protection, you should know where the money goes if you were to pass away. The insurance company will actually send a check directly to your mortgage company, that way your family will be able to have your home, mortgage free. The payments work the same way if your policy pays upon disability or job loss.
The only difference is that this has a time period on it which usually ranges from 1-2 years.

Did you know…Many people confuse MPI with private mortgage insurance, or PMI? You’re required by law to get PMI if you put less than 20 percent down to purchase your home.  PMI is only for the Bank.  MPI is for you and your family.

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