Mortgage Protection Insurance
For many Massachusetts and Connecticut residents, your home is your most significant asset. Of course, you want to protect that investment and prevent your family from having to worry about making mortgage payments if something happens to you. To help keep your house safe in the event of your untimely death, consider the benefits of mortgage protection insurance from O’Connor Insurance Agency.
Mortgage protection insurance (MPI) is a type of life insurance that will cover mortgage payments in the event of the policyholder’s death. (Some policies will also cover mortgage payments for a limited time if the policyholder becomes disabled.) The policy provides payments directly to your mortgage lender, so your family won’t have to worry about handling those details.
Unlike term life insurance, which your beneficiaries can use for any type of expense, mortgage protection insurance is less flexible in that it only covers the mortgage payments. Also, it may have a higher premium than a comparable term life policy. On the other hand, mortgage protection insurance can be a good option for those who have trouble qualifying for a term life policy, as MPI usually has an easier approval process for those who are in poor health or work in dangerous occupations.
Depending on your situation, you might benefit more from mortgage protection insurance or from a term life or other life insurance policy. The experts at O’Connor Insurance can review your situation and help you determine what policy is right for your needs. Contact our office today to find out more about whether mortgage protection insurance can help protect your family home.