Return of Premium (ROP) mortgage protection refunds all your premiums at the end of the policy term if you have not filed a claim. It costs 30-50% more than standard MPI but guarantees you get your money back.
Return of Premium is a feature available on some mortgage protection policies that refunds 100% of your premiums if you outlive the policy term and have not used the benefits.
ROP makes sense if you dislike the idea of paying premiums and getting nothing back. Think of it as a savings account with free life insurance and living benefits attached. The extra cost is essentially money you are saving that you will get back.
For many families, the peace of mind of knowing they will either get the protection they need or their money back makes ROP the preferred choice.
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Mortgage protection insurance (MPI) is a life insurance policy that pays off your mortgage if you die, become disabled, or are diagnosed with a terminal or critical illness. It ensures your family can keep the home no matter what happens. Read more
Mortgage protection insurance typically costs $30 to $150 per month depending on your age, health, mortgage balance, and coverage options. A healthy 35-year-old can expect to pay $50-$80/month for $250,000 in coverage with living benefits. Read more
Term life insurance offers more flexibility and typically lower cost, while mortgage protection insurance includes living benefits like disability and critical illness coverage. The best choice depends on whether you need those living benefits. Read more
Compare rates from top-rated life insurance carriers.