What is Mortgage Protection Insurance?
Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage. So, if you take out a mortgage over 20 years, your mortgage protection insurance would also be in place for 20 years.
"But I already have PMI. Isn't that the same?"
PMI or private mortgage insurance protects the bank/lender in the event you should pass away or became disabled and were no longer able to pay your mortgage. The bank/lender would be made whole, but your family could still be foreclosed on if they were unable to pay the mortgage. PMI protects the bank, NOT you!
Mortgage protection insurance, however, protects you and your family in the even that you should pass away or become disabled and were no longer able to pay your mortgage. It is there to protect your family and ensure that they will have a roof over their head by paying the mortgage in full and reducing the financial burden left by an untimely death.
Benefits of Mortgage Protection Insurance
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