Mortgage Protection Insurance
Mortgage protection insurance is life insurance set up around your home loan: the amount matches what you owe and the term matches the years left to pay. If you die before it's paid off, the benefit goes to your family, not the lender, so they can pay off the mortgage, keep making the payments, or decide what's best.
What is mortgage protection insurance?
Most mortgage protection is term life insurance sized to your mortgage balance and length. You own the policy and name your beneficiaries, so the money goes to your family rather than straight to the bank, and the coverage stays with you if you refinance or move.
Many carriers offer riders with it, for example one that can pay part of the benefit early if you're diagnosed with a covered terminal, chronic or critical illness, or one that returns premiums if you outlive the term. Riders add to the cost and vary by carrier and state.
Who mortgage protection is for
- New homeowners who want the house safe if the income stops.
- Single-income households where one paycheck covers the mortgage.
- Parents who want their children to keep their home.
- Homeowners who refinanced and want coverage that matches the new loan.
What it helps cover
The benefit is paid to your beneficiaries, who decide how to use it: paying off the mortgage, covering the monthly payments for years, or handling the taxes, insurance and repairs that come with a home. Because they receive the money, not the lender, they can also use part of it for other bills.
Why work with an independent agency
Mortgage protection offers arrive in the mail from many places, and the prices and riders behind them differ widely. We compare carriers for your age, health and loan, explain each rider, and size the policy to the mortgage you actually have. The carrier makes the final decision.
Frequently Asked Questions
Does the benefit go to my lender?
No. With the policies we place, you own the coverage and name the beneficiaries. They receive the benefit and decide whether to pay off the mortgage.
Is this the same as PMI?
No. Private mortgage insurance protects the lender if you stop paying. Mortgage protection life insurance protects your family if you die.
What happens if I refinance or sell?
The policy is yours and isn't tied to the loan, so it stays in force as long as you pay the premiums. If a new loan is larger or longer, we can review whether to add coverage.
Related Coverage
Term Life Insurance
Level protection for a set number of years, suited to income and mortgage cover.
Learn moreWhole Life Insurance
Permanent coverage in larger amounts, with a level premium and a cash value that grows.
Learn moreAccidental Death Benefit
Pays if death results from a covered accident, on its own or added to a life policy.
Learn moreTalk through mortgage protection with a licensed agent.
No obligation: clear answers, real monthly amounts from more than one carrier, and a recommendation that fits your family and budget.
Product availability, features, riders and any carrier guarantees vary by carrier, product and state, and are subject to the carrier's underwriting and approval. This page explains the product and is not an offer of coverage.