Baltimore Life – Mortgage Protection Insurance Review (2024)

Table of Contents

Baltimore Companies

Originally established in 1882 under a different name, the Baltimore Life Insurance Company took on its current identity in 1900. Over the 140 years since opening its doors, the company has grown significantly and now serves a clientele of more than 300,000 and counting. It has offices throughout the United States and offers a range of financial analysis and planning services as well as mortgage life insurance coverage solutions.

Does Baltimore Life Offer Mortgage Protection Insurance?

Baltimore does, in fact, offer mortgage protection insurance as one of its options for clients. MPI is designed to pay the remaining balance and interest on a home if a policyholder passes away before the mortgage is paid in full. In contrast to life insurance, policyholders can’t choose the beneficiaries of an MPI policy. Instead, the payout goes to the mortgage lender to prevent losses. It also helps surviving family members avoid the grief of losing their home on top of the pain of losing a loved one.

As is the case with other insurance policies, MPI comes with monthly premiums. It covers the entire remaining balance of the mortgage in the event of the policyholder’s death. As the policyholder pays down his or her mortgage, the amount of coverage provided by the MPI policy decreases proportionally. Benefits cannot be used for any expenses other than the mortgage for which the policy is purchased.

Baltimore Life Mortgage Protection Insurance Cost

Different MPI policies are available to suit varying needs and budgets. Those interested in acquiring mortgage protection insurance can use online rate calculators to get a basic idea of how much coverage might cost based on their unique circumstances. They can also contact a Baltimore Life Insurance Company representative for a more definitive quote and further information. Quite a few policyholders insist the benefits of coverage are well worth the cost of monthly premiums.

Baltimore mortgage protection insurance costs can vary widely from one policyholder to the next. An applicant’s age, gender, health, risk factors of his or her job, and other variables enter into the equation when determining monthly premiums. Where the home is located, the remaining balance of the mortgage loan, and the length of the loan term likewise impact the cost of MPI. At the same time, the amount of coverage desired plays a role in determining monthly premiums.

Riders for Baltimore Mortgage Life Insurance

While MPI policies offer basic coverage to safeguard against losing a home in the event of a policyholder’s death, they don’t cover all eventualities. Certain circumstances and hardships are left out of the mix. For those, a list of riders is available. Riders are designed to bridge some coverage gaps and offer additional protection.

Many homeowners choose to add an unemployment rider to their basic policy. These riders can cover mortgage payments for six months if a policyholder loses his or her job. Some reasons for job loss aren’t covered by these riders, though. Additionally, disability riders are popular options for homeowners. They provide coverage for mortgage payments if a policyholder becomes disabled due to an accident.