Mortage Protection Insurance in Tennessee
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Mortgage Protection Insurance Information
A house is a significant investment, and mortgage payments are often structured to last upwards of 30 years. Mortgage protection insurance (MPI) can provide essential coverage if a policyholder cannot make those payments due to death or other unfortunate circumstances.
The professionals at The Mike Dyer Agency can discuss whether MPI fits your needs. Connect with us for more information.
Frequently Asked Mortgage Protection Insurance Questions
A mortgage protection insurance policy can provide financial assistance to help family members make payments on a mortgage if you pass away. MPI may also be called mortgage life insurance because it provides coverage when the policyholder dies. Some policies offer limited coverage if the policyholder loses their job or becomes disabled.
While premiums remain level, the MPI benefit generally decreases over time to coincide with the decreasing mortgage balance. Additionally, medical exams are generally not required to secure a policy, MPI payouts are typically made directly to mortgage lenders and insurers may limit how long after closing you may purchase a policy. Speak with our agents for additional details on terms, limits and endorsements.
Most mortgage lenders require homebuyers to purchase homeowners insurance before they approve loan applications. Generally, they will require you to obtain at least enough dwelling coverage for your home’s replacement cost value.
Regardless of any coverage requirement, however, you should always carry this benefit as part of your comprehensive personal insurance package.
- The amount of coverage you need
- The remaining time on your mortgage
- Your age
- Your occupation
- Your risk profile