MRI Full Form in Insurance

What is the Full Form of MRI in Insurance?

The MRI Full Form in Insurance is Mortgage Redemption Insurance. It is one of the important parts of the securing process of your financial future, especially while venturing into home-ownership. This type of insurance provides coverage to pay for the outstanding balance of the mortgage in the event of the borrower’s death, hence protecting the borrower’s family or total disability. It is, in essence, a protection to secure your mortgaged property from being foreclosed, and it will enable your loved ones to remain in possession of your home even in adversities.

How to Obtain Mortgage Redemption Insurance?

Getting Mortgage Redemption Insurance is quite easy. For a person who already has a life insurance policy, the assignment of the policy as MRI does the job. But for a person who doesn’t have an existing policy, usually applying for MRI is a part of the home loan application with the bank. This premium sometimes has to be paid in advance as one premium, which serves as an investment in the future financial security of your family.

Factors Influencing MRI Costs:

Mortgage Redemption Insurance is a varying amount that depends on the loan, the age of the policyholder, and the term of the policy. More or less, insurance companies would usually require an amount of MRI equivalent to the mortgage. This is a cost that a borrower may get to know using a mortgage redemption insurance premium calculator, or maybe he/she has to consult with a couple of professionals.