Home / Life insurance / Mortgage protection
Mortgage protection insurance
Life insurance sized to your mortgage, so your family can keep the house if something happens to you. The benefit goes to them, not the bank.
How mortgage protection works
Mortgage protection is usually a term life policy matched to your loan balance and payoff timeline. If you pass away, your beneficiaries receive the death benefit and decide how to use it, whether that is paying off the house or covering other bills.
Many policies add living benefits that pay out early if you are diagnosed with a critical, chronic, or terminal illness. Some offer a return-of-premium option that refunds what you paid if you outlive the policy.
- Coverage amount
- Matched to your mortgage balance
- Coverage length
- Matched to your loan, such as 15 or 30 years
- Who gets paid
- Your family, not your lender
- Common add-ons
- Living benefits, return of premium
Is mortgage protection right for you?
A good fit if you
- Just bought a home or refinanced
- Have a family that couldn't cover the payment alone
- Want coverage tied to one clear goal
- Want living benefits if you get seriously ill
Keep in mind
- It is different from PMI, which protects your lender
- You may not need it if you already have enough term life
- Return-of-premium options cost more
Mortgage protection questions
Don't see yours? Ask us directly.
Is this the same as PMI?
No. Private mortgage insurance protects your lender if you stop paying. Mortgage protection life insurance pays your family if you pass away.
How is it different from the coverage my lender offers?
Lender policies often pay the bank directly and the benefit shrinks as your balance drops. A personal policy pays your beneficiaries a set amount and stays with you if you refinance or move.
What if I refinance or sell the house?
Your policy stays in force as long as you pay the premium. You can keep it, adjust coverage, or apply the protection to your next home.
Do I need a medical exam?
Many mortgage protection policies are issued based on health questions alone, with no exam.
Compare mortgage protection quotes from multiple insurers
A short call with a licensed agent is all it takes to see your options.