Mortgage Protection Insurance
See What It Would Take to Protect Your Mortgage
We'll help you compare life insurance options designed around your mortgage, income, family, and budget. There is no charge for our services and no obligation to purchase coverage.
What Is Mortgage Protection Insurance?
Mortgage protection is commonly used to describe life insurance selected with your home and mortgage in mind. If the insured person dies while the policy is in force, the death benefit can give the beneficiary money that may be used to help pay the mortgage, replace lost income, cover household expenses, or meet other financial needs.
The policy does not necessarily have to pay the mortgage company directly, and the coverage amount does not have to match the exact mortgage balance. The goal is to choose coverage that makes sense for your family's broader financial situation.
Mortgage Protection Is Not PMI
Private mortgage insurance, commonly called PMI, is designed to protect the lender if a borrower stops making mortgage payments. Mortgage protection life insurance serves a different purpose: it is intended to help protect the people and financial obligations you leave behind.
That distinction matters. A life insurance death benefit can provide your beneficiary with financial flexibility rather than simply protecting the lender's interest in the loan.
How Mortgage Protection Coverage Works
Coverage can be structured around the years remaining on your mortgage, the amount your family would need if an income disappeared, and other financial obligations you want to protect.
Term life insurance is often considered when the need is tied to a specific period of time, such as the remaining years of a mortgage. Other types of life insurance may also be appropriate depending on your goals, budget, health, and how long you want the coverage to last.
Rather than assuming one policy is right for everyone, we compare options based on your specific situation.
Want to see what coverage might look like for your mortgage and budget?
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Some Policies May Include Living Benefits
Some life insurance policies include, or offer riders for, accelerated death benefits sometimes referred to as living benefits. These provisions may allow an insured person to access part of the death benefit while still living after meeting qualifying conditions specified by the policy.
The conditions, available benefit, costs, and effect on the remaining death benefit vary by policy and insurance company. We can explain which features are included in the options you are considering before you apply.
Who Should Consider Mortgage Protection?
Mortgage protection may be worth considering when your household depends on one or more incomes to make the mortgage payment, when you want a spouse or family member to have the option to remain in the home, or when paying off or reducing housing debt is an important part of your financial plan.
The appropriate amount of coverage depends on more than the balance shown on your mortgage statement. Income replacement, other debts, savings, existing life insurance, dependents, and your budget can all affect the amount and type of coverage that makes sense.
Finding Coverage That Fits Your Situation
Premiums, underwriting requirements, policy features, available riders, and coverage options vary among insurance companies. Comparing more than one option can help you understand the tradeoffs before making a decision.
We'll review what you want to protect, discuss the coverage you already have, and compare available options. If a particular policy does not make sense for your situation, we'll tell you that too.
Review My OptionsProtect the Home You've Worked For
Tell us a little about your situation and we'll help you compare available mortgage protection options. There is no charge for our services and no obligation to purchase coverage.
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