Safeguarding Your Home

MPI is specifically linked to your mortgage balance, with benefits decreasing as the mortgage reduces. It’s typically paid directly to the lender in the event of a claim, unlike traditional life insurance that provides a broader financial safety net.

MPI generally covers scenarios like death, disability, and sometimes job loss or critical illness, stepping in to cover mortgage payments under these circumstances.

Many MPI policies do not require a medical exam, offering easier qualification compared to some life insurance policies, a benefit especially for those with health concerns.

Premiums are based on factors such as mortgage amount, age, health, and type of coverage. They may offer fixed premiums or adjust over time.

If you pay off your mortgage early or refinance, your MPI policy may end or be adjusted to the new mortgage terms.

Typically, MPI’s beneficiary is the mortgage lender. Some policies, however, may allow for a portion of the benefit to go to other designated beneficiaries.

Generally, MPI benefits paid directly to the mortgage lender are not taxable, but consulting a tax advisor for specific situations is advisable.

MPI provides peace of mind by ensuring your family won’t lose their home due to an inability to make mortgage payments in scenarios like death, disability, or job loss, maintaining stability in difficult times.

The choice between MPI and standard life insurance depends on your specific needs. MPI is appropriate for mortgage coverage in specific scenarios, while standard life insurance offers broader financial protection for your family. Assessing individual needs and goals with a financial advisor is recommended to make the most suitable choice.