Do I Need Mortgage Protection Insurance?
Purchasing a home is an exciting milestone, but it also comes with long-term financial responsibilities. Among the many considerations homeowners face, one key question is: Do I need mortgage protection insurance (MPI)? While it may not be required, understanding what it is and whether it suits your situation can help safeguard your family’s financial future. Let’s take a closer look at what MPI offers and when it might be the right choice for you. What Is Mortgage Protection Insurance? Mortgage protection insurance is a type of life insurance designed to pay off your mortgage balance if you pass away during the term of the loan. Some policies also offer additional coverage in case of disability or job loss. MPI helps ensure that your family won’t face the risk of losing their home while dealing with an already difficult situation. Unlike traditional life insurance, MPI benefits are paid directly to your mortgage lender, not your family, and the coverage amount typically dec...