MPI Costs, Coverage & Other Insurance
Some FAQs. Clear, simple, transparent information to help you protect your family
1. How much does mortgage protection insurance cost per month?
The cost varies based on your age, health, the mortgage amount and/or monthly mortgage payment. For a healthy 35-year-old, a policy might range from $30-$60 per month. Disclaimer: This is a hypothetical example for a specific age/health profile and is not a quote or offer of insurance. Your actual rate will depend on your age, health, mortgage details, and underwriting by the insurance carrier. See your personalized rate in 2 minutes. (/quote)
2. Does mortgage protection insurance require a physical exam?
No, and this is a key advantage. Many MPI policies are “simplified issue,” meaning they only require you to answer some health questions. This makes MPI a great option for those who want to avoid a physical exam or need coverage quickly. However, fully underwritten policies that require an exam are also available and may offer more competitive rates.
3. What is the difference between mortgage protection and term life insurance?
While MPI is a type of life insurance, there are key differences in their typical structure and purpose.
4. Is mortgage protection insurance from MoProInsure worth it?
A mortgage protection plan through MoProInsure is worth it if your goal is to guarantee your mortgage payments can still be made without burdening your family. If you want a simple policy focused on protecting your home and family, it provides incredible peace of mind and value. Schedule a call to see if it’s a good fit for you.
5. Does MPI cover anything besides death?
Many mortgage protection insurance policies cover other events, such as disability (helps with mortgage payments if you can’t work) or critical illness, or terminal illness in the form of living benefits that are also a tax-free benefit to be used at the policy holder’s discretion.
6. Are MPI premiums tax-deductible?
While the benefits are tax-free, like other forms of life insurance, the premiums for mortgage protection insurance are generally not tax-deductible.
7. Will my MPI premium increase over time?
No. For most MPI policies, your premium is locked in and guaranteed to stay the same for the entire length of your mortgage term.
8. What happens if I have a pre-existing condition?
It depends on the condition. For simplified issue policies, minor or well-managed conditions may be accepted. For more serious conditions, you may be declined or offered a more limited policy. Transparency during the application process is key.
9. Does MPI cover job loss?
Some MPI policies do cover job loss as result of critical or terminal illness.
10. Why do MPI rates differ, and how does MoProInsure find competitive options?
Each insurance company assesses risk differently. The benefit of working with an independent agency like MoProInsure is that we do the shopping for you. We compare policies from multiple A-rated carriers to find a suitable and competitive plan for your needs.
11. How do I find a suitable and competitive MPI rate?
The most effective way is to have an independent agent compare quotes from multiple A-rated insurance carriers for you. Get your free, personalized quotes from the MoProInsure network now.
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