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Note: Any reference to the word guarantee is based on the claims paying ability of the underlying insurance company.
Mortgage protection insurance, or MPI, is also called mortgage payment protection insurance, or MPPI. It's simply life insurance that pays your mortgage if a certain event, such as death, disability or job loss occurs.
Mortgage Protection is life insurance which protects a homeowner and family at a fixed rate of payments for a limited period of time, usually the length of the mortgage term. If the covered primary income earner dies during the mortgage term, a death benefit can be paid to the surviving family members, who can then use the funds to pay off the balance of the mortgage. To obtain a Quote for Mortgage Protection Insurance Contact ERS.