halifax total mortgage protection plan

mortgage protection calculator


This means your family does not benefit directly. The mortgage protection policy will pay off any mortgage debts exceeding $150,000. The property will become mortgage-free. However, your family won't have any control over the spending of the money.


It is a large financial commitment to purchase a home. You may have to make monthly payments for as long as 30 years depending on how much you borrowed. But what happens to the home if you suddenly become incapacitated or die?

mortgage protection for redundancy


It's a substantial financial commitment to purchase your home. Depending on the type of loan you have, you could be obligated to payments for 30 years. But what happens if your house is suddenly destroyed or you become too disabled to work.
Mortgage protection insurance, or MPI, can protect your family from your mortgage. If you are unable work, you can avoid foreclosure.

mortgage protection for redundancy
mortgage protection division

mortgage protection division


Add to that amount any insurance coverage you already have. You have sufficient coverage if there is a surplus. You should buy life insurance if there is a deficit.
The purchase of a home can be a major financial commitment. Depending on your loan agreement, you may be required to make 30 years of payments. But what happens to your home when you die suddenly or become disabled?

mortgage protection insurance florida


The mortgage protection insurance policies are a form of disability or life insurance. The monthly premium will vary depending on how much you owe, your age and your health. MPI policies usually only cover the principal and interests of a mortgage. This means that fees like HOA dues or homeowners insurance are your responsibility. These expenses can be covered by a policy rider.
Certain policies are intended to assist your loved ones or those living in your home with the mortgage payments after your death. Your insurer pays the rest of your credit directly to your lender if you die with a mortgage debt. Your spouse or heirs will not have to worry about the remainder of the mortgage payments or losing the house.
MPI is not a requirement and it is not always a prudent financial move.

mortgage protection mail

mortgage protection mail


This means that your family will only benefit indirectly. The mortgage protection policy will pay off $150,000 of your mortgage. Your family will not be able to decide how the money is spent.
As your mortgage payments decrease, so does your death benefit from mortgage life insurance.
A life insurance policy can be supplemented with mortgage protection coverage. If your mortgage is paid off using money from a mortgage policy, your family can use all benefits of your whole or term life insurance policy to pay bills and other expenses.

mortgage protection and life insurance


Mortgage protection policies can also be considered life or disability insurance. The cost of your monthly premium depends on your age, the amount of your mortgage, and your current health. MPI policies cover only the principal and interest portion of a mortgage. Therefore, fees such as HOA dues and homeowners' insurance would remain your responsibility. To help with these expenses, you may be eligible to add a policy residual.

mortgage protection and life insurance

Frequently Asked Questions

Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.

In most circumstances, a mortgage can't be transferred from one borrower to another. That's because most lenders and loan types don't allow another borrower to take over payment of an existing mortgage.

The main difference between Mortgage Protection Insurance and Life Insurance is that Mortgage Protection insurance is designed to cover your mortgage repayments or payoff the mortgage if you die. Life insurance policies, on the other hand, are mainly to protect you and your family and can also pay off the mortgage.