Mortgage Protection Insurance
What is it?
MPI is a type of policy that is designed to help your family pay off the mortgage in the event of the borrower's death. The death benefit is equal to the outstanding morgage balance and will be paid directly to the lender. Premiums can also decrease over the term, as your outstanding principle decreases with each payment.
Benefits of taking out a Mortgage Protection Policy
- Medical exams are typically not required
- Your loved ones won't have to worry about losing their home while dealing with difficult times