Mortgage Protection Insurance
A home is often your biggest investment.
Mortgage protection insurance helps keep it in the family by paying off the loan or covering payments if you die, and in some designs if you face a qualifying disability or job loss.
It is a simple way to reduce risk and protect the roof over your loved ones.
What Is Mortgage Protection Insurance?
The policy is life insurance tied to your mortgage. You choose a benefit amount and term that align with your loan. If the insured dies during the term, the policy pays a benefit that can retire the balance or make payments, depending on the design. Some policies add limited benefits for disability or involuntary unemployment. Guarantees depend on the insurer’s claims-paying ability.
What MPI Covers
- Pay off the remaining mortgage balance
- Make a set number of monthly payments during a transition
- Provide cash for taxes, insurance, or moving expenses
- Optional riders can help with disability or job loss, subject to waiting periods and limits
Who MPI Is For
- Families who want their home kept secure if a primary earner dies
- Buyers who prefer simplified underwriting and a fast decision
- Homeowners with health issues who may not qualify easily for traditional term coverage
- Anyone who wants a policy sized and timed to match a specific mortgage
MPI vs PMI
Mortgage Protection Insurance (MPI) protects your household. It is life insurance you buy to cover the loan if you die, and benefits are paid to a beneficiary or lender depending on the policy.
Private Mortgage Insurance (PMI) protects the lender. PMI is required on some loans with low down payments and does not pay your family if you die. It does not replace life insurance.
MPI vs Term Life
Term life often provides more coverage per dollar and pays a lump sum your beneficiaries can use for the mortgage and other needs.
MPI is purpose-built for the home, is usually easier to qualify for, and can include payment features tied to the loan. Many clients compare both and choose the blend that fits budget and flexibility.
Eligibility, Underwriting, Riders, & Options
Mortgage protection is commonly issued with simplified underwriting. Many applicants qualify without a medical exam, using health questions and prescription checks. Premiums depend on age, health, term length, and coverage amount. Some designs have a level benefit; others decrease as the loan is paid down. We show the cost and benefit pattern before you decide.
Disability Income Rider
Pays a monthly benefit for a qualifying disability, after a waiting period, for a limited time.
Involuntary Unemployment Rider
May cover several months of payments under specific conditions.
Return Of Premium
Refunds premiums if you outlive the term, where available.
Critical Illness Benefit
Provides a lump sum upon diagnosis of a covered condition.
Keep Your Home In The Picture With Matador
Request a short consultation to compare mortgage protection insurance with term life, review rider options, and match coverage to your loan and budget. We will explain costs, timelines, and next steps so you can choose with confidence.