For example, if you become disabled, lose your job, or pass away, your mortgage protection insurance policy will pay your mortgage. The policy can come in different variations and cover different situations.
Most mortgage protection policies can be purchased by homeowners while they are still applying for a mortgage. They can either be standalone policies or riders added to an existing life insurance policy or disability insurance policy.
For example, some policies may require you to be unemployed for a certain period before becoming eligible for payment. Others may require you to become disabled in a specific way or for a specific amount of time.
Typically, the amount paid out equals your outstanding mortgage balance, and it decreases as your mortgage is paid down.
This type of insurance is also worth considering if you’re the sole breadwinner of your family and your family relies on your income to make mortgage payments.
Another factor to consider is the location of your house. Some people might benefit from MPI if they live in high-risk areas dealing with disasters; this added coverage could offer peace of mind.
Mortgage protection insurance provides a safety net in case something happens to you and you become unable to make mortgage payments.
Contact Uniserv Insurance Services today to learn more about this coverage and get protection tailored to your specific needs.
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