Wednesday, November 18, 2020 / by Daria Scott
So, what’s the best way to protect your home in case something happens to you? Here are two options: mortgage protection insurance and traditional term life insurance.
Mortgage protection insurance
If you’ve recently closed on a mortgage or home equity line, you’ve probably should consider thinking about protecting your assets.
Mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away — and some policies also cover mortgage payments (usually for a limited period of time) if you become disabled.
Note: Don’t confuse MPI with private mortgage insurance (PMI), which protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.
What’s good ab; ...