What is Mortgage Redemption Insurance?

Table of Contents

If you own a home, then you probably know how important it is to pay your mortgage. Not only are there financial implications, but not paying your mortgage can result in foreclosure or losing your home. In the event you are no longer able to pay for your mortgage, it’s crucial to have a backup plan in place. The best backup plan for this purpose is mortgage redemption insurance.

How Does MRI Work?

Otherwise known as MRI insurance, this is a type of mortgage protection life insurance that ensures your ability to pay off your mortgage. If you become disabled, lose your job, or suffer an accidental death, a mortgage insurance policy like MRI can cover the cost of your mortgage.

With a family to think of, you may have already considered life insurance. But your standard life insurance policy will not pay off your mortgage.

Beneficiaries are supposed to use life insurance proceeds to cover day-to-day expenses like food and rent. If your family has to use these funds to pay the mortgage instead, then less money is left to pay for regular expenses.

This is why mortgage protection insurance is important. It can pay off the mortgage so your family always has a place to live.

Cost of Mortgage Redemption Insurance (Calculator)

Depending on a number of factors, the cost of a mortgage redemption policy starts at $5 per month for a young, healthy applicant. This cost will increase due to health concerns, increased age, and the size of your insurance coverage. To calculate the cost of MPI, check out our insurance calculator.

Get a Quote Today

Using our calculator, you can check how much a mortgage redemption policy will cost you. If you’re ready to protect your ability to pay your mortgage, get a quote for MRI or MPI today.

Related Articles