For most homeowners, the mortgage is their largest monthly expense — and one of their biggest long-term financial commitments. But what happens if illness, injury, or death prevents you from making those payments? That’s where mortgage protection insurance (MPI) comes in.
Getting the right mortgage protection insurance quotes ensures you can safeguard your home and your family’s financial stability without overpaying for coverage.
At MortgageQuote.com, we make this process straightforward. We search rates and programs from multiple lenders and insurance providers, presenting the results in a side-by-side table so you can see exactly what you’ll pay — and what you’ll get — before making a decision.
What Is Mortgage Protection Insurance?
Mortgage protection insurance is a specialized policy designed to cover your mortgage payments if you become disabled, critically ill, or pass away during the term of your loan. While specific coverage varies by provider, MPI can:
- Pay your mortgage in full if you die during the policy term.
- Cover your monthly mortgage payments for a set period if you become disabled.
- Provide a lump-sum payment in case of critical illness.
Unlike standard life insurance, MPI is tied directly to your mortgage — the benefit amount usually decreases as you pay down the loan.
Why Compare Mortgage Protection Insurance Quotes?
Just like mortgage interest rates, premiums for MPI can vary greatly between providers. Comparing quotes allows you to:
- Lower Your Premium – Identical coverage can cost less with another provider.
- Customize Your Policy – Add or remove benefits to match your needs and budget.
- Match Term and Balance – Align coverage with your mortgage length and outstanding balance.
- Avoid Overpaying – Make sure your premium reflects the right coverage for your situation.
How MortgageQuote.com Works
We make getting mortgage protection insurance quotes easy.
Step 1: Share Basic Loan and Personal Info
- Mortgage balance or purchase price
- Loan term
- Age and health information
- Smoking status
- Desired coverage type (death only, death + disability, death + disability + illness)
Step 2: We Search Multiple Providers
We work with:
- National insurance companies
- Specialty mortgage protection providers
- Lenders that offer bundled MPI policies
Step 3: Compare Side-by-Side
We show your mortgage rate and MPI premium together so you can see your total monthly payment in one view.
Factors That Affect Mortgage Protection Insurance Quotes
Your MPI premium will depend on:
- Loan Amount – Higher balances require more coverage.
- Loan Term – Longer terms mean more years of risk for the insurer.
- Age – Younger homeowners typically pay less.
- Health – Good health can lower your premium.
- Smoking Status – Smokers often pay higher rates.
- Coverage Level – Adding disability or critical illness protection will increase premiums.
Example Mortgage Protection Insurance Quote Comparison Table
Here's an example of what you might see with MortgageQuote.com:
Key Insights:
- Lender D + Provider 4 offers the lowest total monthly cost.
- Even small differences in mortgage rate and insurance premium can save hundreds annually.
- Matching the right lender with the right MPI provider is essential for maximizing savings.
How to Compare MPI Quotes Effectively
When reviewing mortgage protection insurance quotes:
- Look at Total Monthly Cost – Add the MPI premium to your mortgage payment for the real number.
- Match Coverage to Your Loan – Ensure your policy lasts as long as your mortgage term.
- Consider Add-Ons Carefully – Extra protection is valuable, but only if it fits your budget.
- Check Provider Ratings – Choose a financially strong insurer with good claims history.
- Review Cancellation Terms – Some policies allow you to drop coverage if your needs change.
Benefits of Using MortgageQuote.com
- One Form, Multiple Quotes – Compare MPI premiums and mortgage rates in one step.
- Access to Top Providers – Nationwide insurers and niche mortgage protection specialists.
- Clear Comparisons – Side-by-side data for easy decision-making.
- Tailored Results – Quotes based on your loan size, term, and personal profile.
- Daily Updates – We use the latest rate and premium data for accuracy.
Common Mistakes to Avoid
- Buying from Only One Source – You may miss out on better coverage at a lower cost.
- Not Matching Term to Loan – Coverage should last as long as your mortgage.
- Overpaying for Riders You Don't Need – Choose benefits you're likely to use.
- Forgetting to Reassess – Update coverage as your mortgage balance decreases.
Frequently Asked Questions
Q: Is MPI the same as life insurance?
A: No. Life insurance pays a lump sum to your beneficiaries; MPI pays your lender directly to cover your mortgage.
Q: Do I have to buy MPI from my lender?
A: No. You can shop around for better rates and coverage.
Q: Can I cancel MPI?
A: Yes. Many policies allow you to cancel if your mortgage is paid off early or your needs change.
Q: Does MPI cover job loss?
A: Some policies do, but it depends on the provider and policy type.
Quick Checklist for Getting MPI Quotes
- Know your loan balance and term.
- Decide on coverage type and add-ons.
- Use MortgageQuote.com to compare multiple providers.
- Factor MPI into your total housing cost.
- Choose a policy that protects your home without straining your budget.
Final Thoughts
A mortgage protection insurance quote isn't just about cost — it's about peace of mind. With the right MPI policy, you can ensure your home stays in your family's hands no matter what life brings.
At MortgageQuote.com, we make it easy to search rates and programs from multiple lenders and MPI providers so you can find the perfect balance of price and protection. Our side-by-side comparison table takes the guesswork out of the process, so you can secure your home — and your future — with confidence.