When you’re looking for protection for your family, life insurance comes to mind. However, there are several types of insurance that you might purchase, and they can be confusing when you don’t know where to start, what you need, and why.
Read further to learn the difference between life insurance and mortgage protection insurance, a few similarities, and what you should buy for your peace of mind, your family, and your legacy.
What is Mortgage Protection Insurance?
Life insurance is a fairly common product in America, even though more than 100 million Americans don’t carry a life insurance policy. You can purchase insurance that is settled when you pass away as your family files a claim against the policy. Life insurance policies can gain cash value, and they can even provide you with a stable income.
But, what is mortgage protection insurance?
MPI is a policy that allows your family to pay for or pay off your mortgage under certain circumstances, such as:
- You die before the mortgage is paid off
- You lose your job
- You become disabled and cannot work
Remember, every policy is different, but they all have the same goal—keeping you in your home. However, mortgage protection coverage safeguards only your home.
Do You Need Both Life Insurance and Mortgage Protection?
In a word, yes. It is more than wise to purchase mortgage protection insurance that will take care of the house. You can also purchase a life insurance policy that has a payout your family can use for any other expense they need.
In this way, you know the house is safe, and your can redirect life insurance funds to other places.
Should You Buy Mortgage Protection Coverage?
A better question is, “should you and your partner purchase mortgage protection insurance?” The answer, of course, is yes. If both of you have coverage, you know that the house is covered in the event of a tragedy, chronic disability, or unexpected job loss.
You can reach out and purchase a policy right away, and you might also look into life insurance coverage if you have not done so.
Contact DSI for More Information on Mortgage Protection and Life Insurance
Reach out to our expert team at DSI for assistance with mortgage protection insurance and life insurance protection when you want to safeguard your family homestead and legacy. Your partner and your family can rest easy knowing that the house is secured, especially when you’ve layered these coverages properly.