Mortgage Protection Insurance in Knoxville, TN and Madisonville, TN

A house is a significant investment, and mortgage payments are often structured to last upwards of 30 years. Mortgage protection insurance (MPI) can provide essential coverage if a policyholder cannot make those payments due to death or other unfortunate circumstances. 

The professionals at The Mike Dyer Agency can discuss whether MPI fits your needs. Connect with us for more information.  

What Is Mortgage Protection Insurance? 

A mortgage protection insurance policy can provide financial assistance to help family members make payments on a mortgage if you pass away. MPI may also be called mortgage life insurance because it provides coverage when the policyholder dies. Some policies offer limited coverage if the policyholder loses their job or becomes disabled.  

While premiums remain level, the MPI benefit generally decreases over time to coincide with the decreasing mortgage balance. Additionally, medical exams are generally not required to secure a policy, MPI payouts are typically made directly to mortgage lenders and insurers may limit how long after closing you may purchase a policy. Speak with our agents for additional details on terms, limits and endorsements. 

Is It Necessary to Have Mortgage Protection Insurance?  

Mortgage protection insurance is not required by law; however, your lender or insurance agent may recommend that you consider coverage. It is important to note that MPI is different from private mortgage insurance (PMI), which may be required by a mortgage lender if you take out a conventional loan to buy your house with less than 20% down.  

Whether or not you should get an MPI policy depends on your unique needs and circumstances. For example, if you cannot secure a life insurance policy or if it is cost-prohibitive, MPI may provide valuable financial protection. Reach out to an agent to discuss whether MPI is suitable for you. 

How Much Is Mortgage Protection Insurance?  

The cost of mortgage protection insurance may depend on several factors including the following:  

• The amount of coverage you need
• The remaining time on your mortgage 
• Your age
• Your occupation
• Your risk profile 

Other variables may impact premiums. Contact our agents for a quote. 

Learn More About Mortgage Protection Insurance 

The Mike Dyer Agency team is ready to help those in Knoxville and Madisonville, Tennessee, find optimal insurance solutions. Consult with our agents today for more information.