Mortgage Protection Insurance


If you’ve recently purchased or refinanced your home, you have probably started to receive numerous letters in the mail telling you about Mortgage Protection Insurance (MPI). MPI is a life insurance policy that is designed to pay off your mortgage in the event of a death, disability or inability to work.

Although these letters appear like they are sent directly from your lender, they are typically sent from an independent insurance company who has obtained your information from public records. These letters will say things like: “Final Notice: Fill Out and Return,” or “Important Action Required.”

If you’ve recently purchased or refinanced your home, you have probably started to receive numerous letters in the mail telling you about Mortgage Protection Insurance (MPI). MPI is a life insurance policy that is designed to pay off your mortgage in the event of a death, disability or inability to work.Colonial’s insurance affiliate, Colonial Life Insurance Company of Texas, offers MPI from a reliable and trusted source so you can rest easy that you are getting the best insurance coverage available. Below is more information on Mortgage Protection from Colonial Life, an affiliate of Colonial Savings, your mortgage lender:

Protection:

  • Initial guaranteed level premium durations of 10, 15 and 20 years are available
  • 30-year terms are also available with guaranteed level premiums for 20 years
  • The death benefit remains the same throughout the life of the policy
  • You can designate proceeds to pay your mortgage or provide additional funds for income replacement, debt repayment or other personal family needs

Guarantees:

  • If you pay off your mortgage early, you can keep the coverage until the term of the policy expires
  • Once in place, your policy will not be canceled due to changes in health or employment as long as premiums are paid on time
  • Coverage provided under the policy is guaranteed to renew until age 95, with annual premium increases
  • Your policy may be converted to a whole life policy, while in place and before you turn 70 years old without providing evidence of insurability

Optional coverage available on term life products:

  • Accidental death benefit
    • Pays an extra benefit if death is from accidental injury
  • Waiver of premium
    • Pays your policy premiums for you if you become disabled
  • Child insurance rider
    • Economical protection for your children

Get a Quote Today

Protecting you and your loved ones in case the unexpected happens is important. The last thing anyone wants is to worry about how they are going to pay for their home if tragedy strikes. For more information, give us a call at 817.390.2350 or send us an email at ColonialLife.Insurance@GoColonial.com. You can also request a quote today.

 

Want to read more? Visit the Colonial Wallet Wisdom Blog and read about Four Common Questions About Disability Insurance.  

 

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