5 Tips for Buying Mortgage Protection Insurance

March 15, 2019

With all the options available, finding the best mortgage protection insurance coverage can seem like quite a challenge. You might be wondering how much coverage you need, when you should buy it, how much it costs and how long you need your policy to last.

We are here to help you make the best decision with quick and easy advice for buying mortgage protection insurance.

1. Find the right amount of coverage for your needs

Pro tip: getting mortgage protection insurance when you’re young and healthy can result in lower premiums!

Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death or disability. This coverage ensures that your family can stay in your home if you are no longer able to contribute to mortgage payments.

If the ink is still fresh on your mortgage documents, or you are unpacking those last few boxes from your move, you will want to get mortgage protection insurance sooner rather than later.

Your chosen term length might be longer than someone who is almost finished paying off their mortgage, but you can enjoy the peace of mind in knowing your family is protected no matter what happens.

To find the right amount of mortgage protection insurance coverage, ask yourself the following:

  • How long do you plan to make mortgage payments on your home?
  • Does your spouse have a life insurance policy through their employer?
  • How many dependents do you have?
  • What is your annual salary? Be sure to include any side jobs or freelancing work that contributes to your annual income.

While all these factors can play into how much coverage you want to get, the most important thing to consider is the cost of your mortgage and who would be left to pay that cost if you were to unexpectedly pass away or you could no longer contribute to paying the bills.

2. Choose a term length

Pro tip: choose a term length that matches the length of time you plan to pay off your mortgage.

In general, your mortgage protection insurance coverage should last for the entire span of your mortgage payments. Also, consider the amount of time that you will have dependents who rely on you for housing, financial support, etc.

Mortgage protection term length usually ranges from 10-30 years. You can also customize the length of your policy to match your budget and comfort level for when you predict you will no longer need coverage.

3. Consider adding policy riders

Pro tip: opt for a return of premium option when you select coverage: if you don’t use the policy during the term, you can receive a full refund of all the premiums you paid into the policy.

Mortgage protection insurance is one of the most affordable life insurance options on the market. It is also very adaptable and can be customized to fit your needs. Many insurance carriers offer policy riders that can enhance your coverage to protect against additional life events.

Some policies offer additional coverage that provides a benefit in the event you are diagnosed with a critical illness or become disabled. This can help you continue making mortgage payments if you are unable to work.

Additionally, you can opt for a return of premium feature, which can provide a full refund of the premiums you paid if you don’t end up using the policy during the term you selected. This benefits your peace of mind and your budget. It’s a win-win!

4. Find the right price

Pro tip: mortgage protection insurance is budget-friendly and competitive, so make sure you connect with a licensed agent who can shop the top carriers to find the lowest rate.

Your monthly premium for mortgage protection insurance is based on the value of your home and payoff amount as well as your attained age and health at the time you apply for coverage. If you get mortgage protection while you’re young and healthy, your rates will be more affordable.

Mortgage protection insurance rates are competitive, and you might have trouble if you go it alone trying to find the lowest rate. When you connect with a licensed insurance agent at Symmetry, they can shop over 30 of the top carriers to get the lowest price for you...hassle-free!

Since most mortgage protection plans are offered with simplified underwriting, you generally won’t need to pass a medical exam to qualify for coverage. This means that you won’t have to spend all that time at the doctor’s office to get the coverage you need.

5. Connect with a Symmetry Financial Group licensed agent

Pro tip: a Symmetry Financial Group agent can help you find the most affordable coverage – all you need to do is fill out our quick and easy Request a Quote form to get connected with an agent in your area.

If all this planning sounds overwhelming, we’re happy to help!

Our team of licensed insurance agents can help you get the best mortgage protection insurance coverage with their exclusive access to policies from over 30 of the top carriers. Your Symmetry agent will present plan options that match your budget to make the whole process super easy.

Want to connect with us to check out all your options? Get started today: request a quote for mortgage protection insurance.

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