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, it will only answer for your obligation under "current" status:
We, however commiserate with the Noda family for the total disability which was suffered by Tomas and which eventually caused his death - an event which would have entitled the Nodas to the benefits of the MRI if their amortization payments had been current.
Accordingly, We commend to the SSS a compassionate attitude. The SSS perhaps can write-off all claims due after December 6, 1979, when Tomas died and re-structure past dues in a liberal manner.
G.R. No. L-57834 November 12, 1981
TOMAS R. NODA and JOSELINA S. NODA, plaintiffs-appellees,
vs.
SOCIAL SECURITY SYSTEM, defendant-appellant.
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