Buying a home is a major financial commitment. Depending on the loan you choose, you might commit yourself to 30 years of payments. But what will happen to your home if you suddenly die? Mortgage protection insurance can help your family cover your mortgage and avoid foreclosure.

What Is Mortgage Protection Insurance?

MPI helps your family make your monthly mortgage payments if  you die. Mortgage Protection Insurance is a term life insurance policy that matches the duration of your mortgage and can provide the financial protection your family needs while paying off your new home. This type of policy can ensure a lifetime of mortgage payments won’t fall on your partner or close family members if you pass away. Depending on your family’s financial situation, coverage could protect your loved ones from the burden of having to move or uproot from a school and community they’ve grown to be a part of. Because the life insurance death benefit is paid directly to the beneficiary or family member  you choose, it can be used to pay for anything they need from mortgage payments and final expenses to property insurance or taxes, and maybe even home improvements or regular maintenance.