Mortgage Protection Insurance
Mortgage Protection Insurance (MPI), also known as mortgage life insurance, is designed to protect your family from mortgage payments in the event you die or are unable to work anymore. Mortgage life insurance is similar to term life insurance in how it works.
Why You Need It?
1. Your family members will have a peace of mind if you can’t work due to illness or injury.
2. Mortgage life insurance offers coverages when you become disabled or unable to work, which is more versatile than term life insurance.
What Disadvantages You Should Know?
1. Your family will not see any of the money because the mortgage lender is the real policy beneficiary.
2. You have no control of how the money is dispersed and can’t use it anywhere except for the mortgage.
3. The payout is fixed to your mortgage principle and is a decreasing benefit.
If you need term life insurance quotes to compare, or more life insurance related information, please go to EINSURANCE.com.