Mortgage protection: life coverage built around keeping the house.
Mortgage protection is life insurance sized and timed to your mortgage, so the people you leave behind have money to pay it off or keep making payments. It is usually a term or permanent policy you own, with the benefit paid to your beneficiary.
What mortgage protection is
In most cases, "mortgage protection" is an individual life insurance policy, often term life, with a coverage amount close to your mortgage balance and a term close to your loan length. If you pass away while it is in force, the death benefit goes to your beneficiary, who decides how to use it, including paying the mortgage.
This is different from mortgage life insurance sold through some lenders, where the benefit can go straight to the lender and the coverage may shrink as the loan balance falls.
It is not PMI, and it is not from your lender
Private mortgage insurance (PMI) protects your lender if you stop paying. It does nothing for your family. Mortgage protection life insurance protects your family. We are an independent agency, not your lender or loan servicer. If you received a mailer about mortgage protection, it did not come from your lender unless your lender says so.
Level vs. decreasing coverage
A level policy keeps the same death benefit for the whole term, so if the mortgage is mostly paid off, the extra can go to your family. A decreasing policy lowers the benefit over time to roughly follow the loan balance, and may cost less. We will show you both.
Riders you may see
Depending on the carrier and state, policies may offer riders such as accelerated death benefits for qualifying illnesses, disability or unemployment-related premium waivers, or return of premium. Each rider has its own rules, limits, and costs. We compare them against a plain term policy so you can see what you are paying for.
How getting mortgage protection coverage works with us.
We're an independent agency, so we compare options from multiple carriers instead of pushing one company's product.
Share your mortgage details
Your loan balance, years left, and who lives in the home. A short form or call is all we need to start.
Compare options
A licensed agent compares mortgage protection and plain term options from multiple carriers, including level and decreasing coverage and any riders.
Apply
You pick the policy that fits. We help with the application, and the carrier makes the underwriting decision.
Mortgage Protection questions, answered plainly.
Is mortgage protection the same as PMI?
No. PMI protects your lender if you stop paying the loan. Mortgage protection life insurance pays a death benefit to your beneficiary so your family can pay the mortgage or keep making payments.
Is mortgage protection from my lender?
Not when you buy it through us. We are an independent insurance agency, not affiliated with your lender or servicer. The policy is yours, and you choose the beneficiary.
Is mortgage protection better than term life?
Mortgage protection is often a term policy sized to your mortgage, sometimes with added riders. A plain term policy may cost less or offer more coverage. We show both so you can compare.
Should the benefit decrease as I pay down the loan?
A decreasing benefit can cost less, but a level benefit leaves more for your family if the loan is mostly paid off. It depends on your budget and what else your family would need.
What happens if I refinance or move?
An individual policy you own stays in force as long as you pay premiums, even if you refinance or sell the home. You may want to review whether the amount and term still fit.
Do I need a medical exam for mortgage protection?
Many mortgage protection policies use health questions instead of an exam, depending on your age, health, and the amount. Approval and pricing depend on your answers to health questions and the carrier's underwriting.
How much coverage would your mortgage take? Try our mortgage protection calculator. Not sure this is the right fit? Take our 4-question coverage guide.
Coverage is issued by the insurance carrier and is subject to underwriting approval. Policy features, riders, and availability vary by carrier, product, and state, and not every product is available in every state. This page is general education, not tax, legal, or financial advice, and it is not an offer of insurance.
See what mortgage protection coverage could look like for you.
Free quotes, no obligation. A licensed agent will walk you through the options and the trade-offs.