Mortgage Protection Insurance

Owning a home is the dream of every living individual. You not only get freedom from a nagging landlord, but you are also able to design your living space extensively. However, you will have to sacrifice and this comes in form of mortgage premiums.

When you are working, premiums are not an issue because you buy mortgage based on your ability to pay. But, what happens when you are no longer working or, if God forbid, you pass away leaving your family with this huge financial burden? This is where Mortgage Protection Insurance (MPI) comes in handy.

Overview of Mortgage Protection Coverage

Like with all aspects of a mortgage, most homeowners do not fully understand what Mortgage Protection Insurance entails and therein lays grave danger. This is a form of coverage that protects your home in case of financial difficulties leading to inability to pay premiums.
It is critical to understand the difference between MPI and mortgage insurance. MPI protects your investment, but mortgage insurance, which you have to buy as part of the package, protects the lender in case you default.

Well, Mortgage Protection Insurance is not compulsory, but considering the fickle nature of the global economy and uncertainties in work places, it is highly recommended. It eases financial strain by paying your premiums over a period of time, say 1 or 2 years. This protects your investment and gives you peace of mind knowing that your mortgage provider will not foreclose your lovely home.

Considering the sacrifices you have made to buy your home, isn’t it time you called a Mortgage Protection Insurance agent to check available options?