Share on facebook
Share on twitter
Share on linkedin
Share on email

Many people have questions about the differences between homeowner’s insurance and mortgage protection insurance. Simply put: Homeowner’s insurance protects your home from unexpected damage, whereas mortgage protection insurance protects your family from losing your home due to an unexpected loss of income.

In this article, we’ll explore these two insurance products for homeowners to explain what they are, what they cover and how they’re different.

Mortgage Protection Insurance
What is mortgage protection insurance?

Mortgage protection insurance, often called MPI, is a term life insurance policy designed for homeowners. If you pass away during your term (the time you’re paying premiums to the insurance company), your beneficiary will receive a death benefit to pay off your mortgage. 

MPI is different from PMI, or private mortgage insurance, which protects your lender if you default on your loan. While MPI is optional, PMI can be required and is designed to protect your mortgage lender as opposed to you and your family. 

What does mortgage protection insurance cover?
Mortgage protection insurance covers your mortgage payments if you pass away, lose your job or become critically ill or disabled. This type of life insurance provides long-term financial protection, knowing that your family could stay in your home if you were no longer able to pay your mortgage. Mortgage protection insurance is very affordable – plans can cost less than $20/month. MPI policies also have extremely high acceptance rates, and you can qualify without taking a medical exam. With Quility, you can qualify and apply now in less than 10 minutes.
Homeowner’s Insurance
What is homeowner’s insurance?
Homeowner’s insurance protects your home from damage – both to its structure and to your personal items. If you have a mortgage, you may be required to purchase a minimum amount of homeowner’s coverage.
What does homeowner’s insurance cover?
Homeowner’s insurance coverage differs depending on the policy you choose. Most plans cover damage to the structure of your home, including damage caused by severe weather conditions, fires and water. Some plans cover theft and vandalism of your home & belongings and include personal liability coverage, which protects you if someone gets injured on your property. If someone is injured on your property, homeowner’s insurance can cover their medical payments.
Insurance for homeowners
Both homeowner’s insurance and mortgage protection insurance protect you against loss. Homeowner’s insurance protects the structure and contents of your home and mortgage protection insurance protects your mortgage payments and your family from losing your home. At Quility, we know that there’s no one-size-fits-all insurance solution and that everyone’s insurance needs vary. Connect with an insurance advisor today to find the best-fit plan for your budget and goals.
Apply for mortgage protection insurance today
If you already enjoy the peace of mind that comes with homeowner’s insurance, you may consider getting mortgage protection insurance – and gaining peace of mind for your family for years to come. With Quility, you can choose between 80+ top insurance companies and between an online application or a consultation with an advisor.

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

Related Articles

two people getting married which could trigger the need for new life insurance policy
6 Life Events That Could Change Your Life Insurance Needs
Quility brings power of choice to insurance
Quility Brings the Power of Choice to Insurance Marketplace
couple sitting on couch shopping online for life insurance
Life Insurance Riders: What You Need to Know

Featured Articles

Virtual Auction Raises $260,000 for Make-A-Wish Central and Western North Carolina
Virtual Auction Raises $260,000 for Make-A-Wish Central and Western North Carolina
dad and son laddering life insurance
How to Ladder Life Insurance Policies
father grandfather and young son with life insurance benefits
Are Life Insurance Death Benefits Taxable?

Enter your email to download the full life insurance guide!

You can download the guide directly from our site and you will receive a copy via email to refer to whenever your insurance needs change.

Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

To get your real rate, fill out our short form.

Disclosure

The samples shown above are real numbers from past Debt Free Life clients. They are examples of the types of quotes you can expect but are presented for example only.

To get your real rate, fill out our short form.

Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

To get your real rate, fill out our short form.

The Basics

Resources to help you select the right insurance solution for your family.

Life Insurance 101

Your most asked life insurance questions, answered.

Blog

Informative articles on life, insurance and retirement.

FAQs

Get the answers to all of your life insurance questions

Featured Blogs

Get a Quote

See how affordable Life Insurance can be.

[gravityform id=”2″ title=”false” ]

Coverage
for as low as
$12
per month*