Mortgage Redemption Insurance

Mortgage Redemption Insurance (MRI) is a form of life insurance which pays for the mortgage of the insured in case of untimely death. In the Philippines, this is a requirement of banks when applying for a housing loan. However, if you already have an existing life insurance policy, you can assign that policy as your MRI so in case of death, the mortgage gets paid off from your life insurance proceeds.

If you are planning to get a housing loan some day, consider starting your life insurance plan today and get a jump start on your future Mortgage Redemption Insurance needs.

2 thoughts on “Mortgage Redemption Insurance

  1. Hi,

    Nice site.
    I hope you can help me with my query.
    In PAG-IBIG housing loan, part of the payment goes to MRI.
    If the loan owner dies before the loan term ends, will the MRI covers for the loan outstanding balance?
    Or will the immediate family still pays for the balance?

    Thank You in advance.

    • Hi Ryan, in normal cases, the Mortgage Redemption Insurance (MRI) that you are paying for as part of your Pag-Ibig loan should cover the outstanding balance.

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