Life Insurance
Mortgage Protection Insurance
Life insurance sized to your mortgage, so your family can pay off the home or keep making payments if something happens to you.
At a glance
- Coverage lasts
- Matches your loan
- Amount
- Your mortgage balance
- Paid to
- Your family, not the bank
- Medical exam
- Often none
- Living benefits
- Available on many plans
How it works
Most mortgage protection is a term or permanent life insurance policy with a benefit equal to your mortgage balance and a length that matches your loan, often 15 to 30 years.
If you pass away, the benefit goes to your beneficiaries. They can pay off the mortgage, keep making payments, or use the money however your family needs.
Many plans include living benefits that let you use part of the benefit if you're diagnosed with a serious illness, and some offer a return of premium option.
Who it's for
- New homeowners and anyone with a mortgage
- Families who need two incomes to make the payment
- Homeowners who refinanced or took out a home equity loan
- Anyone who wants their family to stay in the house
Good to know
- Mortgage life insurance sold by a lender usually pays the bank, and the benefit shrinks as your balance goes down. A personal policy pays your family.
- PMI (private mortgage insurance) protects your lender, not your family.
- You don't have to buy coverage from your lender or bank.
- Rates are lowest while you're younger and healthier, so it pays to apply soon after closing.
Ready to talk it through?
Book a free 15-minute call by phone or video. No obligation and no pressure.