Why Mortgage Protection Insurance — a Wise Choice
Some people cannot get a life insurance policy due to health issues; yet they need insurance. In these instances, a Mortgage Protection Insurance policy may solve the problem. In addition, other kinds of insurance policies do not require a medical exam.
Because insurance needs vary from one person to another, liability insurance for instance for a person who does not drive, many different kinds of policies need consideration One of the considerations, Term Life Insurance, will cover a mortgage and more. For some, Term Life insurance may not qualify as an option because of health problems or the length of coverage needed. In those cases, Mortgage Protection Insurance definitely serves as the solution.
When it comes to insurance, houses, one of the biggest investments a family can make, must be insured. Protecting your house plays an important part in owning it. Therefore, buying a homeowner’s insurance policy should always take place. This will ensure that repairs are made to restore the house due to flooding, tornadoes, weather, natural disasters, etc. With this kind of insurance, if your home becomes damaged because of a covered peril, your insurance can provide funding to restore all damage.
What’s good about Mortgage Protection Insurance?
Mortgage Protection Insurance provides protection for one of the biggest debts a family can obtain. The household breadwinner often buys MPI so that in case of death, his family will own the house free and clear. That safety-net removes any worry from the homeowner and spouse.
Mortgage Protection Insurance is clear and concise. It will pay the mortgage company the remainder of the mortgage upon the policy holder’s death. As with all insurance contracts, skipping payments can lead to damaging credit and canceling the insurance. Previous payments will not be refunded, if a homeowner defaults on MPI payments.
Mortgage Protection Insurance does not require an underwriting process – everyone is approved and there is no medical exam. Because life insurance rates are calculated by the health of the insured and it is not considered for MPI, costs can range a little higher. However, if poor health would prevent a person from buying life insurance, Mortgage Insurance is a viable option.
To ensure that you are getting the best insurance for your needs, please give us a call or fill out the form at the bottom of this page. One of our insurance experts will give you a call. There is no charge and of course, there is no obligation.