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Florida Mortgage Protection Insurance

The idea behind Florida mortgage protection insurance (MPI) is simple. You as a homeowner experience a health issue and become disabled, or a long period of unemployment. The mortgage payments will be made. Or worse, you die, this type of policy can pay off the balance of the mortgage.Florida Mortgage Protection Insurance

MPI is often confused with PMI (private mortgage insurance). PMI protects the lender from financial loss, not you! Also, MPI is not required for loan approval.

Mortgage Protection Insurance Pros

In my opinion, there are only three reasons for getting mortgage protection insurance.

  1. If you have health problems, this type of policy is usually issued on a guaranteed basis.
  2. You work in a high-risk profession, so you find it hard to get disability insurance. MPI would give you the coverage needed if because of injury, illness or death – you can’t make mortgage payments.
  3. Or you might want it because it pays off the mortgage directly, rather than paying proceeds to beneficiaries.

Cons of Mortgage Protection Insurance

  1. MPI prices vary a great deal and it can be hard to get price quotes online.
  2. The MPI is paid directly to your lender.
  3. Term life insurance with a disability policy is usually cheaper and provides more comprehensive coverage.
  4. If you have an equity line on your home, only the original mortgage amount is covered.
  5. Planning on paying off your mortgage early? On most MPI policies the loan payoff amount decreases as the mortgage is paid down. (There are newer MPI that offer a level-death benefit.)

I don’t sell MPI to my clients. There are much more efficient and cheaper ways to protect yourself.

Instead, I use an enhanced DIME method (debt, income, mortgage, education). It factors in the amount of a mortgage in choosing how much term life insurance you need.


Florida Term Life Insurance

If you have a computer, laptop, tablet, or smartphone with a camera and microphone you may schedule an online face-to-face video meeting. We use Zoom & Google Meet.

Please complete the form below in full to book your virtual consultation. Once you have completed the form, you’ll be taken to our calendar to make your appointment time. Appointments are scheduled for 45 minutes but seldom go beyond 30 minutes as we do all of the preliminaries prior to our meeting. We give you the best options to fit your health needs and your budget. You’ll simply have to pick and choose to customize your life insurance plan.

To receive a detailed personal life insurance quote, please complete this form and we will contact you shortly!

Simply complete this form to request a general life insurance quote. We will contact you shortly!

Or call 239-596-8449

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