Mortgage Protection Insurance in Virginia | MWB
Protect Your Home and Family From an Unexpected Income Loss
Mortgage Protection Insurance (MPI) is a type of insurance designed to help pay off your mortgage if you pass away, become critically ill, or disabled during the term of your mortgage. MPI is different from Private Mortgage Insurance (PMI), which protects the lender in case you default on your loan. MPI is a voluntary policy, unlike PMI and Mortgage Insurance Premium (MIP) which may be required depending on your down payment. Compare mortgage-protection and term-life approaches, understand coverage limits, and explore options based on your mortgage and family needs.
How MPI Works
- You purchase a policy, typically through an insurance broker.
- You pay a monthly premium, similar to other types of insurance policies.
- If you pass away, become critically ill, or disabled, the policy pays out to help cover your mortgage payments.
Potential Benefits of MPI
Peace of Mind
Knowing your mortgage will be taken care of in unforeseen circumstances.
Easier Qualification
MPI policies may have more relaxed eligibility requirements compared to traditional life insurance.
Term Life Insurance as MPI
Payout Flexibility
Life insurance payouts can be used for various expenses, including mortgage payments, bills, and funeral costs (we suggest policy face amount 100k over mortgage balance).
Coverage Amount
Life insurance policies often have a level death benefit, meaning the coverage amount remains the same throughout the policy term.
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