Mortgage protection insurance (MPI) is simply life insurance that pays your mortgage. If certain events, such as death, disability, or job loss occur, your mortgage will be paid by the insurer. For most homeowners, a mortgage is the largest source of personal debt. Like most life insurance, mortgage protection insurance eases the financial burden of your loved should you become sick, have an accident, or become unemployed. The costs of your mortgage protection insurance policy will vary depending on the amount of your mortgage, age, health, and your occupation. Mortgage Payment Protection Insurance (ASU) is designed to help cover a policy holder’s mortgage payments. It is called ASU because they may be cover you for accidents, sickness, unemployment, or a combination all three. Typically, these policies pay out for a fixed period time. Why should I choose mortgage protection insurance?
- Can your family afford the mortgage without your income?
- How many years are left before the mortgage is paid off?
- Can you continue paying your mortgage if you are out of work for an extended period?
- Can you afford the monthly mortgage protection premiums?
- Mortgage life insurance
- Mortgage unemployment insurance
- Mortgage disability insurance