Mortgage Penalty and Insurance Coverage

Author Topic: Mortgage Penalty and Insurance Coverage  (Read 1707 times)

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Mortgage Penalty and Insurance Coverage
« on: June 01, 2018, 10:52:36 AM »
A mortgage protection insurance(MPI) could help you in many ways. It typically covers your loan payments if you lose your job or become disabled, or it pays off your mortgage when you die.

The cost for an MPI depends on factors such as
1. Age
2. The cost of your mortgage repayments
3. What product features you opt for
4. What type of job you have.

 If you purchase mortgage protection insurance that pays off your mortgage when you die, the insurance company will send a check directly to your mortgage company, leaving your heirs with a home unencumbered by a mortgage.

An MPI is probably a smart option if you have health or job risks that make life or disability insurance unavailable or too expensive.

The features of a mortgage insurance coverage are exclusion periods, mortgage insurance waiting periods and 'back-to-day-one policies' and there are many things to know about a mortgage insurance coverage.

The user can decide the type of insurance required according to the features and necessity!


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