Everything You Need to Know About Mortgage Protection Insurance (MPI)
What is Mortgage Protection Insurance (MPI)?
Mortgage protection insurance (MPI) is a policy that pays off your mortgage in the event that you pass away during the term of the mortgage. If you share the mortgage with someone, both individuals need to be covered under mortgage protection insurance. The policy lasts the same length of time as your mortgage. For example, if the length of your mortgage is 30 years, mortgage protection insurance must also be in place for 30 years.
Shortly after securing a mortgage and closing on a home, you may begin receiving letters in the mail urging you to purchase mortgage protection insurance. As a homeowner, it is always wise to plan for…