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Mortgage Protection Insurance

Life insurance designed around your mortgage.

Mortgage protection is generally life insurance sized around your home loan. If something happens to you during the term, your beneficiary can receive a benefit to put toward the mortgage.

  • Coverage can be sized around your mortgage balance
  • With most life-insurance policies, the benefit goes to your beneficiary
  • Free to compare options, no obligation
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Who are you looking to protect?

What is mortgage protection insurance?

Mortgage protection insurance is, in most cases, a term life insurance policy chosen to match the size and length of your home loan. The general idea: if you pass away while you still owe on the house, your beneficiary receives a benefit they can put toward the mortgage rather than having to sell or scramble.

Unlike some bank-offered mortgage insurance that may pay the lender directly, a life-insurance-based policy generally pays your named beneficiary, who can decide how to use the money. The exact structure varies by policy and carrier.

Who it's often considered by

Mortgage protection is often considered by homeowners who want to know their family would have help keeping up with the mortgage if they were no longer there. It tends to come up for newer homeowners with many years left on the loan.

  • You've recently bought a home with a long mortgage ahead of you
  • You want a benefit you could size around the remaining balance
  • With a life-insurance policy, your beneficiary (not the bank) controls the payout

How it compares to lender mortgage insurance

Private mortgage insurance (PMI) and some lender-offered mortgage insurance protect the lender against default. They aren't designed to pay a benefit to your family. A life-insurance approach is generally built around your household instead: the benefit goes to the beneficiary you name, and because you own the policy, it generally doesn't end just because you refinance with a different lender.

What's right for you depends on your loan, your budget, and what else you'd want the benefit to cover. You can compare options for free, with no obligation.

Frequently asked questions

Is mortgage protection different from PMI?

Yes. PMI (private mortgage insurance) is designed to protect your lender if you default. Mortgage protection life insurance is designed to pay your beneficiary a benefit they can use toward the mortgage. They are not the same thing.

Does the coverage shrink as I pay down my loan?

It depends on the policy. Some mortgage protection policies have a level benefit and others decrease over time to track your balance. The right structure depends on your goals, so it's worth comparing the options before deciding.

How much mortgage protection coverage do I need?

A common approach is to size the benefit around your remaining mortgage balance, and sometimes the term around the years left on your loan. The right amount depends on your balance, your budget, and what else you'd want the benefit to cover.

What happens to my policy if I sell my home or refinance?

Because mortgage protection is usually a life insurance policy you own rather than one tied to the lender, it generally stays in force even if you refinance or move, as long as premiums are paid. The specifics depend on the policy and carrier.

Can I choose who receives the benefit?

With a life-insurance-based policy, you generally name the beneficiary, and they can use the benefit toward the mortgage or anything else. That differs from lender-paid mortgage insurance, which may pay the lender directly.

What happens after I submit the form?

We'll reach out to understand your situation and help you compare coverage. There's no cost and no obligation to apply.

Ready to see your options?

Answer a few quick questions and someone from our team will reach out to help you compare coverage, free and with no obligation.

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