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mortgage protection and life insurance


Insurance companies affiliated with mortgage lenders or independent insurance companies who obtain information from public records sell mortgage protection insurance. After purchasing a property, homeowners will receive numerous offers. Many MPI can be purchased within 24 month of closing a loan. However, some providers allow you to purchase it for up to five year. Policies are valid for as long as the mortgage term.
There are different terms and conditions to each mortgage protection policy. Lenders will generally be paid the amount that the policyholder owes if they are incapacitated or die during the policy term.


Add to that the existing insurance coverage. If you have enough coverage, then there is no surplus. If there's a shortage, you can purchase life insurance.

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The purchase of a home will be one of the largest financial decisions Americans make in their lives. It is worth protecting your investment. There are many ways to accomplish this task. Home and contents insurance provides homeowners protection against the worst-case scenario that could happen to their property.

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Mortgage protection insurance (also known mortgage life insurance and insurance on the life of the mortgage) pays off your mortgage balance if you die. It is often sold through banks and lenders.

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An individual's life insurance policy may also include mortgage protection. A mortgage protection policy can be used to help pay your bills.

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It might be a better idea to get traditional life insurance rather than MPI if your family would reap the benefits of a posthumous payout from an insurance company.

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Your mortgage's value decreases as you make monthly payments. Therefore, your death benefit for mortgage life insurance also drops.
Additional life insurance policies may include mortgage protection. You could, for example, pay off your mortgage using money from your mortgage life policy. Your family could then use all of the benefits of your whole life or term insurance policy to pay your bills.

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Frequently Asked Questions

Mortgage protection insurance is usually costlier than life insurance — because most require no medical exam. But still relatively inexpensive, It's best to get through a Independent Agency like Coach B. Insurance.

If you inherit a property that has a mortgage, you will be responsible for making payments on that loan. If you are the sole heir, you could reach out to the mortgage servicer and ask to assume the mortgage, or sell the property. You could also choose to let the lender foreclose.

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.