{"id":46374,"date":"2020-12-15T09:28:57","date_gmt":"2020-12-15T17:28:57","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=46374"},"modified":"2024-09-11T05:59:52","modified_gmt":"2024-09-11T12:59:52","slug":"mortgage-protection-insurance-do-you-need-it","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-protection-insurance\/","title":{"rendered":"Mortgage Protection Insurance: Do You Need It?"},"content":{"rendered":"<p>Signing onto a 30-year home loan is a major financial commitment for many homeowners. If you or your spouse dies or becomes disabled, your family could fall behind on payments and eventually be forced into foreclosure.<\/p>\n<p>But there are safeguards you can put into place. One option is mortgage protection insurance (MPI), which pays off the mortgage under certain circumstances.<\/p>\n<p>While this type of insurance can provide a safety net for your family, you should weigh the pros and cons carefully before signing up for a policy.<\/p>\n<p><b>Here\u2019s what you need to know about mortgage protection insurance: <\/b><\/p>\n<ul>\n<li><a href=\"#what-is-mortgage-protection-insurance\">What is mortgage protection insurance?<\/a><\/li>\n<li><a href=\"#alternative-mortgage-protection-insurance\">An alternative to mortgage protection insurance<\/a><\/li>\n<li><a href=\"#mortgage-protection-right-for-you\">Is mortgage protection insurance right for you?<\/a><\/li>\n<li><a href=\"#where-to-get-mortgage-protection-insurance\">Where to get mortgage protection insurance<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-mortgage-protection-insurance\"><\/a><\/p>\n<h2>What is mortgage protection insurance?<\/h2>\n<p>Mortgage protection insurance is an optional type of insurance that\u2019s designed to pay off a <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a> if a homeowner dies before the balance is paid in full.<\/p>\n<p>In some cases, the policy might cover mortgage payments if you or your partner becomes disabled or loses a job.<\/p>\n<p>These policies, also known as mortgage life insurance or mortgage payment insurance, are usually sold by insurance companies and mortgage lenders.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>How it works: <\/b>Once you sign up for a policy, you pay a premium every month to keep your account in good standing. If the homeowner dies or becomes disabled, the MPI provider pays out a death benefit to the lender that covers a set number of mortgage payments. The premium cost is tied to the homeowner&#8217;s age, gender, location, and the mortgage balance and term.<\/div><\/div>\n<p>MPI providers might set strict guidelines on when you can apply: Some want you to obtain it within 24 months of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/closing-on-a-house\/\">closing on your home loan<\/a>, but others might extend it to five years. But it\u2019s always a good idea to check with your provider on their requirements.<\/p>\n<p>That time frame \u2014 along with your premium, limitations of the policy, and the payout \u2014 vary with every company and policy, however.<\/p>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-happens-to-your-mortgage-when-you-die\/\">What Happens to Your Mortgage When You Die?<\/a><\/strong><\/em><\/p>\n<h3>MPI vs. PMI<\/h3>\n<p>Mortgage protection insurance is different from <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">private mortgage insurance<\/a> (PMI). PMI is designed to protect the lender if you default on your loan payments, meaning your family would still owe the balance of the loan after a death or disability.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Where you\u2019ll encounter PMI:<\/b> Lenders typically require PMI on conventional loans when the homeowner puts down less than 20%.&gt;<\/div><\/div>\n<h3>MPI vs. MIP<\/h3>\n<p>MPI can also be confused with a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-mortgage-insurance-removal\/\">mortgage insurance premium<\/a> (MIP). MIP functions the same as PMI in that it protects your lender if you default \u2014 so if you die before paying off the mortgage, your family will still be on the hook for making payments.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Where you\u2019ll encounter MIP: <\/b>MIP is required on all <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loans<\/a>, regardless of how much you put down. There are two types of MIP: an upfront fee of 1.75% along with a monthly fee of 0.45% to 1.05%.<\/div><\/div>\n<a name=\"alternative-mortgage-protection-insurance\"><\/a><\/p>\n<h2>An alternative to mortgage protection insurance<\/h2>\n<p>If you&#8217;re looking for some form of mortgage payment protection, you might want to also look into life insurance and compare your options.<\/p>\n<p>Life insurance pays a lump sum of money to your beneficiaries when you die. There are two major forms of life insurance:<\/p>\n<ul>\n<li><b>Term life insurance: <\/b>Provides a payout if death occurs during the term of the policy<\/li>\n<li><b>Whole life insurance: <\/b>Pays out whenever you die<\/li>\n<\/ul>\n<p>With both types of life insurance policies, your family can spend the payout money however they\u2019d like, such as on funeral costs and routine monthly expenses. With MPI, however, the payout goes directly to the lender, providing less flexibility.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip:<\/b> Your MPI payout will also follow the balance on your mortgage, which means it decreases with time. This is different from life insurance policies, which typically hold the same balance for the relevant term.<\/div><\/div>\n<p>MPI is generally a guaranteed acceptance policy, which means you don\u2019t have to get a health exam to determine whether you qualify \u2014 although your MPI provider can deny you coverage based on your age. That\u2019s why homeowners with health problems or high-risk jobs might choose MPI over life insurance.<br \/>\n<a name=\"mortgage-protection-right-for-you\"><\/a><\/p>\n<h2>Is mortgage protection insurance right for you?<\/h2>\n<p>Because mortgage protection insurance policies decrease in value over time and can be hard to get later in life, they&#8217;re generally best for homebuyers who:<\/p>\n<ul>\n<li>Are young and might have trouble securing term life insurance<\/li>\n<li>Work in high-risk jobs<\/li>\n<li>Have existing health conditions<\/li>\n<\/ul>\n<p>If your family would use the payout for more than just the mortgage \u2014 such as monthly bills, funeral costs, and college tuition \u2014 then a regular life insurance policy might be a better fit.<\/p>\n<h3>The pros of MPI<\/h3>\n<p>Homebuyers typically choose MPI to save their loved ones from financial hardship, but they also offer other benefits:<\/p>\n<ul>\n<li><b>It\u2019s easier to qualify for MPI.<\/b> If you have health problems or a dangerous job, it might be easier to purchase MPI because there&#8217;s no medical exam.<\/li>\n<li><b>Your family doesn\u2019t have to worry about the payout. <\/b>An MPI payout goes directly to your lender for the mortgage balance, which means your family won\u2019t have to worry about the home loan.<\/li>\n<li><b>You might get disability protection.<\/b> Some MPI policies cover homeowners who become disabled, which provides some flexibility.<\/li>\n<\/ul>\n<h3>The cons of MPI<\/h3>\n<p>MPI isn\u2019t for everyone. Here are some of the cons that come with this type of insurance policy:<\/p>\n<ul>\n<li><b>You have a narrow window to opt in. <\/b>Depending on the provider, you might have to apply shortly after closing on the home.<\/li>\n<\/ul>\n<ul>\n<li><b>MPI policies are expensive.<\/b> In many cases, MPI costs more than term life insurance. Healthy young adults could save money by buying life insurance instead.<\/li>\n<li><b>Policies are not very flexible. <\/b>MPI goes directly to the lender to pay off the mortgage \u2014 and nothing else. Your family won\u2019t have the option of using the money for funeral costs or other pressing bills.<\/li>\n<li><b>Coverage shrinks over time.<\/b> As your mortgage balance declines, so does the value of an MPI policy. So you\u2019ll pay the same cost for less coverage over time.<\/li>\n<li><b>It has more restrictive age limits. <\/b>Some MPI providers restrict eligibility based on age.<\/li>\n<\/ul>\n<p>Regardless of whether you choose to buy an MPI policy, it\u2019s always a good idea to seek an affordable mortgage with the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">best possible rates<\/a>.<\/p>\n<p>Credible can help you compare mortgage options to make sure you get one that fits within your budget.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"where-to-get-mortgage-protection-insurance\"><\/a><\/p>\n<h2>Where to get mortgage protection insurance<\/h2>\n<p>If you\u2019re interested in MPI, gather quotes from multiple providers to compare terms and make sure you&#8217;re getting the best deal. Also make sure you understand what the policy does and doesn\u2019t cover.<\/p>\n<p>Here&#8217;s where you&#8217;re likely to find an MPI policy:<\/p>\n<ul>\n<li><b>Your mortgage lender: <\/b>After closing on your loan, your mortgage lender might offer you an MPI policy. If your lender doesn\u2019t offer this type of policy, you can also ask for a referral to a company that does.<\/li>\n<li><b>An insurance company:<\/b> Some insurance companies specialize in mortgage protection policies, but providers may not be available in every state.<\/li>\n<li><b>A life insurance provider:<\/b> Many companies that offer life insurance also carry MPI. You might even score a discount if you bundle MPI with life insurance.<\/li>\n<\/ul>\n<p>If you\u2019re considering a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">home purchase<\/a>, be sure to shop around. Credible makes this easy \u2014 you can compare multiple lenders in as little as three minutes using the table below.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Signing onto a 30-year home loan is a major financial commitment for many homeowners. If you or your spouse dies or becomes disabled, your family could fall behind on payments and eventually be forced into&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-protection-insurance\/\">Continue reading<\/a><\/p>\n","protected":false},"author":105,"featured_media":46376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1534,1524,1521],"class_list":["post-46374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-home-loans-101","tag-mortgage-purchase","tag-mortgage-rates-sidebar","mortgage-protection-insurance-do-you-need-it","post_tag-home-loans-101","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Protection Insurance: Do You Need It? - Credible<\/title>\n<meta name=\"description\" content=\"Mortgage protection insurance can help your family manage the home loan if you become disabled or die. 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Learn more about the pros and cons here.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-protection-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Credible\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/crediblelabs\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-15T17:28:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-11T12:59:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2020\/12\/Mortgage-protection-insurance.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1476\" \/>\n\t<meta property=\"og:image:height\" content=\"591\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kim Porter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@kimsavesmoney\" \/>\n<meta name=\"twitter:site\" content=\"@credible\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kim Porter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/\"},\"author\":{\"name\":\"Kim Porter\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#\\\/schema\\\/person\\\/a4e740b4f282d8cba9564a4618797db9\"},\"headline\":\"Mortgage Protection Insurance: Do You Need It?\",\"datePublished\":\"2020-12-15T17:28:57+00:00\",\"dateModified\":\"2024-09-11T12:59:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/\"},\"wordCount\":1288,\"publisher\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Mortgage-protection-insurance.png\",\"keywords\":[\"home-loans-101\",\"Mortgage Purchase\",\"Mortgage Rates Sidebar\"],\"articleSection\":[\"Mortgages\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/\",\"url\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/\",\"name\":\"Mortgage Protection Insurance: Do You Need It? - Credible\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/mortgages\\\/mortgage-protection-insurance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.credible.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/Mortgage-protection-insurance.png\",\"datePublished\":\"2020-12-15T17:28:57+00:00\",\"dateModified\":\"2024-09-11T12:59:52+00:00\",\"description\":\"Mortgage protection insurance can help your family manage the home loan if you become disabled or die. 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