How much mortgage protection do you actually need?
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Frequently asked questions
How much mortgage protection insurance do I need?
Most homeowners need coverage at least equal to their remaining mortgage balance. If you're the primary earner, 10-12x your annual mortgage payments is a common rule of thumb so your family can also cover taxes, insurance, and upkeep.
Is mortgage protection insurance the same as PMI?
No. PMI (Private Mortgage Insurance) protects your lender if you stop paying. Mortgage protection insurance is a life insurance product that pays off (or pays toward) the mortgage if you die during the term.
Is term life insurance better than MPI?
For most healthy homeowners under 50, level term life insurance gives more flexibility and is usually cheaper per dollar of coverage. MPI is often the right pick when health issues make traditional underwriting hard.
Do I need a medical exam?
Not always. Many policies under $500,000 can be issued no-exam based on prescription and MIB records. A 5-minute phone conversation can usually tell you whether you qualify.