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.
Mortgage protection insurance is a specialized type of life insurance designed to pay off your home mortgage in the event of death, disability, or critical illness. Unlike private mortgage insurance (PMI) which protects the lender, MPI protects your family.
MPI is ideal for homeowners whose family would struggle to make mortgage payments if the primary earner died or became disabled. It is especially important for single-income families, new homeowners, and anyone who recently refinanced.
Compare rates from top-rated life insurance carriers.
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
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
Living benefits allow you to access your mortgage protection death benefit while alive if you are diagnosed with a terminal illness, critical illness (heart attack, stroke, cancer), or become disabled. This money can be used for any purpose including mortgage payments. Read more
Compare rates from top-rated life insurance carriers.