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Mortgage protection insurance explained:
Does every homeowner need it?
How does it work?
Mortgage Protection Insurance is designed to pay off your mortgage if you pass away or become disabled, ensuring your family can stay in the home. It aligns with your mortgage’s balance and term, offering targeted protection that shields your loved ones from financial hardship.
Is a Mortgage Policy right for you?
If you’re a homeowner looking for financial peace of mind and protection for your family, Mortgage Protection Insurance is a smart choice. It helps ensure your home stays in your family’s hands by covering your mortgage if the unexpected happens. Designed for those who value stability, security, and loved ones, this coverage offers a simple, reliable way to safeguard your home and your future.
Frequently asked questions
Frequently asked questions
How is Mortgage protection insurance different from regular life insurance.
Mortgage Protection Insurance is designed to eliminate your remaining mortgage balance if you pass away, giving your loved ones the ability to keep the home without financial strain. It offers focused protection built specifically for homeowners.
For example, if you have a $300,000 mortgage with a 30-year term, your Mortgage Protection Insurance policy would provide a $300,000 death benefit for the full 30 years—ensuring your home is paid off if something happens to you during that time.
Can I have mortgage protection insurance alongside other life insurance?
Yes, you can have Mortgage Protection Insurance alongside other life insurance policies. It offers dedicated coverage focused solely on protecting your mortgage, addressing the unique financial risk of losing your home due to unexpected events.
Is MPI taxable?
The death benefit provides a tax-free solution to settle the outstanding mortgage.
Get started
Take the first step towards protecting your family and apply for life insurance online.
Get started
Take the first step towards protecting your family home with Mortgage Protection insurance.
Mid-Century
Insurance Group
Mid-Century Insurance Group offers a comprehensive range of coverage options to meet both personal and commercial needs, as well as specialized insurance such as flood, life, and health.
