Own a home? You might need life insurance. Owning a home is one of the biggest financial commitments you’ll ever make. But what if something happens and you can’t afford your mortgage? With morgage debt on the rise and financial issues creating complications where cosigners could help, life insurance is a great option to help you feel secure in times of trouble.
What if you have MPI? Mortgage protection life insurance—or MPI—is designed to protect your lender. If you pass away while your MPI policy is active, the payout goes to your lender to cover your outstanding balance. Plus, your coverage amount goes down as you pay down your mortgage.
Why term life insurance is better.
With term life insurance you can choose your beneficiary, the amount of coverage, and even the length of your policy term. It also protects your dependents for the life of your policy. Term life insurance can even be used to cover other debts and expenses such as income, college tuition, medical bills, living expenses, and more.
MPI vs. term life insurance.
Mortgage protection insurance
Term life insurance
Pros
No medical exam Most people qualify
Ethos policies start at $20,000 and go up to $2 million You can choose your coverage length from 10 to 30 years Coverage includes all life expenses (up to your limit during the policy term) You can choose your beneficiary Rates are based on your unique life circumstances Payout doesn’t reduce over time while the coverage is active
Cons
Payment amount is reduced over time, but your premium stays the same The lender is your beneficiary The policy only protects your mortgage Coverage only lasts as long as your mortgage Often more expensive than life insurance
Not everyone qualifies
Get term today, save for years to come. Getting to choose your coverage amount, your beneficiaries, and even your term makes term life insurance the best value…and don’t forget the option to cover more than just your mortgage. Life insurance gets more expensive as you age, so the sooner you buy, the more affordable it is. Apply today to lock in your lowest rate.
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