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Mortgage Protection Insurance Calculator
Preferred plus (best rates available)
This calculator helps you estimate your monthly premium for a mortgage protection policy based on your age and desired coverage amount. Mortgage protection insurance is a type of life insurance designed to cover your mortgage balance if you pass away, providing financial protection for your loved ones.
Here’s how it works:
Enter Your Age: Type in your age. Premium rates generally increase as age goes up because the insurance risk increases.
Enter Your Coverage Amount: Enter the amount of coverage you’d like. Coverage amounts are available from $100,000 up to $400,000. Higher coverage will naturally mean a higher monthly premium.
Automatic Calculation: The calculator uses a table of predefined rates based on age groups and coverage amounts. If your age or coverage amount falls between two predefined values, the calculator finds an estimated premium using a method called “interpolation.” This means it calculates a rate that makes sense based on your exact age and coverage amount, even if it’s not an exact match with the table.
View Your Premium: Once you’ve entered your information, the calculator shows your estimated monthly premium.
This is a quick, easy way to get an idea of how much you might pay monthly for mortgage protection based on your specific needs!
Mortgage Protection Insurance vs.
Private Mortgage Insurance
MPI | PMI |
---|---|
Protects homeowner & families | Protects the lender |
Covers the mortgage payments if the homeowner faces death, disability, or job loss. | Covers the lender’s risk, not the borrower. |
Family inherits the house | Lender takes property if borrower passes away |
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