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Mortgage Protection Insurance
Mortgage Protection Insurance (MPI) safeguards your family, ensuring they can continue making monthly mortgage payments if you pass away before the mortgage is fully paid. Specific policies extend coverage for a defined period if you experience job loss or disability. While some providers call it mortgage life insurance, it typically disburses benefits solely upon the policyholder’s death.
The average cost of mortgage life insurance can vary depending on several factors. The amount of the mortgage, homeowner’s age, type of policy, and length of coverage can affect the price. As a rough estimate, the average cost is usually around 0.5% to 1% of the mortgage amount per year. For example, for a $200,000 mortgage, the annual cost of mortgage protection insurance could range from $1,000 to $2,000. But, this is just an estimate and actual costs can vary. You should compare quotes from different insurance providers to find the best coverage.
Understanding Mortgage Insurance: A Safeguard for Homeownership
While mortgage insurance might not directly benefit borrowers, its availability greatly enhances the opportunities for individuals and families to secure a place they can call home.
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By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. A local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service.
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