Do you need mortgage protection insurance?
Odds are if you're paying a mortgage, you've received offers for mortgage protection insurance. It comes in several forms, but it typically covers your mortgage if you lose your job or become disabled, or it pays off your mortgage when you die.
Would you benefit from mortgage protection insurance? Or is it just another way for your mortgage company to siphon extra money out of your wallet each month while protecting itself upon your death?
The answer depends on your health, financial situation and what you want to happen when you die. Here are the pros and cons of mortgage protection insurance, along with tips for getting the best policy at the right price.
The benefits of mortgage protection insurance
One benefit of MPI is that it's typically issued on a "guaranteed acceptance" basis. "If you fill out the application, few questions will be asked to keep you from getting coverage," says Lynch. "That's valuable for people who are uninsurable or insurable at a high rate because of health issues." It's also valuable for people who work in high-risk occupations, such as roofers, who usually can't get disability insurance.
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