{"id":725,"date":"2020-11-18T14:39:44","date_gmt":"2020-11-18T14:39:44","guid":{"rendered":"http:\/\/www.prontoinsurance.com\/blog\/?p=725"},"modified":"2021-06-11T08:35:19","modified_gmt":"2021-06-11T08:35:19","slug":"mortgage-protection-insurance","status":"publish","type":"post","link":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/mortgage-protection-insurance\/","title":{"rendered":"Mortgage Protection Insurance: What to Know Before You Buy"},"content":{"rendered":"

If you\u2019re like most people, your house is the biggest investment you\u2019ll ever make in your life. Especially here in our state, even a modest home costs several hundred thousand dollars. It makes sense that you\u2019d want to protect this investment as much as possible. That is why California homeowners insurance<\/a> is here!<\/p>\n

But what happens if something goes wrong, very wrong? Losing the breadwinner of your family isn\u2019t just emotionally devastating, it\u2019s also financially catastrophic. If 2020 has taught us one thing, it is that no one is promised a healthy tomorrow. This is precisely why more and more people are looking into mortgage protection insurance.<\/p>\n

What is Mortgage Protection Insurance (MPI)?<\/strong><\/p>\n

Essentially, mortgage protection insurance (MPI) is a type of life insurance designed to pay off your mortgage if you were to pass away. Some policies also cover mortgage payments for a limited period of time if you become disabled, so you and your family can adjust to the new situation before re-evaluating your living situation. It is important that you don\u2019t confuse MPI with private mortgage insurance (PMI), which protects the lender if you default on the loan. With PMI, your family would still owe the balance of the loan if you passed away.<\/p>\n

Mortgage protection insurance means if you or the breadwinner of your family passes away, the family could grieve, adjust, and make some really big decisions before needing to think about the cost of the house. There won\u2019t be an emergency where a large bill is due and no way to pay it so soon after the death of a loved one. You\u2019re providing peace of mind for your family!<\/p>\n

The Benefits of<\/strong> Mortgage Protection Insurance<\/strong><\/p>\n

#1 Guaranteed approval.<\/strong> Even if you\u2019re in poor health or work in a dangerous profession, there is guaranteed approval with no medical exams or lab tests. The same isn\u2019t true for life insurance.<\/p>\n

#2 No confusion. <\/strong>The check goes straight to the lender for the exact mortgage balance, so there\u2019ll always be enough and your family won\u2019t have to handle the money.<\/p>\n

#3 Disability protection. <\/strong>As stated above, some MPI policies make a few mortgage payments if you become disabled and cannot bring in the same income you were accustomed to.<\/p>\n

What\u2019s not so good about MPI?<\/strong><\/p>\n

#1 Lack of flexibility.<\/strong> MPI gives beneficiaries no choice. The insurance pays off the mortgage and nothing else. Remember, your family doesn\u2019t even see the money.<\/p>\n

#2 Higher cost. <\/strong>MPI typically costs more than term life insurance. This is especially for healthy, responsible adults.<\/p>\n

#3 Shrinking coverage.<\/strong> As your mortgage balance declines, the policy\u2019s payout declines right along with it. That means you\u2019ll end up paying the same cost for less coverage over time!<\/p>\n

Contact Pronto Insurance<\/strong><\/p>\n

If you\u2019re ready to learn more, we\u2019re here to talk. Contact us and let\u2019s go over the specifics of your situation and what kind of protection you need.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re like most people, your house is the biggest investment you\u2019ll ever make in your life. Especially here in our state, even a modest home costs several hundred thousand dollars. It makes sense that you\u2019d want to protect this investment as much as possible. That is why California homeowners insurance is here! But what … <\/p>\n

Continue reading “Mortgage Protection Insurance: What to Know Before You Buy”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":794,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"jetpack_featured_media_url":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-content\/uploads\/2020\/11\/Mortgage-Protection-Insurance.jpg","yoast_head":"\nCalifornia Mortgage Protection Insurance: What to Know Before You Buy<\/title>\n<meta name=\"description\" content=\"What to Know Before You Buy Mortgage Protection Insurance From Pronto Insurance\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/#website\",\"url\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/\",\"name\":\"PRONTO Blog\",\"description\":\"It's our name and our promise.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-content\/uploads\/2020\/11\/Mortgage-Protection-Insurance.jpg\",\"width\":990,\"height\":460,\"caption\":\"Mortgage Protection Insurance:\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/#webpage\",\"url\":\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/\",\"name\":\"California Mortgage Protection Insurance: What to Know Before You Buy\",\"isPartOf\":{\"@id\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/#primaryimage\"},\"datePublished\":\"2020-11-18T14:39:44+00:00\",\"dateModified\":\"2021-06-11T08:35:19+00:00\",\"author\":{\"@id\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/#\/schema\/person\/16d009c819b29c036f8b6d0f4527ad52\"},\"description\":\"What to Know Before You Buy Mortgage Protection Insurance From Pronto Insurance\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/www.prontoinsurance.com\/blog\/mortgage-protection-insurance\/\"]}]},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/#\/schema\/person\/16d009c819b29c036f8b6d0f4527ad52\",\"name\":\"Prontisimo\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/ecom-mir.prontoinsurance.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b58996c504c5638798eb6b511e6f49af?s=96&d=blank&r=g\",\"caption\":\"Prontisimo\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/725"}],"collection":[{"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=725"}],"version-history":[{"count":2,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/725\/revisions"}],"predecessor-version":[{"id":795,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/posts\/725\/revisions\/795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/media\/794"}],"wp:attachment":[{"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecom-mir.prontoinsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}