What is Mortgage Protection Insurance?

As a homeowner, you want to protect your home with affordable, comprehensive coverage.

Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death. It functions like a standard term life policy: You purchase a policy for a set period, make monthly payments, and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. This coverage ensures that your family could stay in their home if you were no longer able to contribute to mortgage payments.

Mortgage protection insurance is right for you if you want to:

  • Protect your most valuable asset
  • Ensure your loved ones never have to deal with the fear of losing their home
  • Provide financial security if the unthinkable happens
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Why Do I Need Mortgage Protection Insurance?

As a homeowner, being able to pay your mortgage on time every month is important. What would happen to your loved ones if you were to die prematurely, become disabled or critically ill, and your income suddenly disappeared? None of us know what the future will bring, but you can achieve peace of mind today with mortgage protection insurance.

Advantages of Mortgage Protection Insurance

  • Provides a death benefit to pay off your mortgage in the event of your death
  • Pays your mortgage payments if you become disabled
  • Protects your mortgage payments in the event of critical illness
  • Provides benefits from a life insurance policy with generally affordable premiums
  • Achieves peace of mind for your home and family
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How Mortgage Protection Works

Mortgage protection insurance functions much like other life insurance policies: You pay premiums to the insurance company to purchase a specific amount of mortgage protection coverage. Those premiums are based on your attained age and your health, as well as the value of your home and the payoff amount. If you die while the policy is in force, the insurance company provides funds to pay off your mortgage.

Frequently Asked Questions

1

What is the difference between mortgage protection insurance and homeowners insurance?

Mortgage Protection Insurance:

  • Money goes to your family
  • Pays your mortgage if you become sick or injured
  • Money your family receives is tax free
  • Makes your premiums in case of job loss*
  • Is portable – new home? It travels with you
*Available in most states. Limitations may apply. Benefits and carriers will vary for coverages and are subject to underwriting approval, product limitations and availability.

Homeowners Insurance Covers:

  • Damage to your home in severe weather and water conditions
  • Theft of your belongings
  • Vandalism of your house and property
  • Fire damage to your home
  • Personal injury lawsuits if someone gets hurt on your property
2

Do I qualify for mortgage protection insurance?

In most cases, yes! Mortgage protection insurance has a very high acceptance rate as most plans are offered with simplified underwriting (you won’t have to take a medical exam to qualify).

3

When should I buy mortgage protection insurance?

If you have a mortgage on your home, or if you are in the process of obtaining a mortgage, you should consider buying mortgage protection insurance.

4

Can I afford mortgage protection insurance?

Mortgage protection is one of the most inexpensive types of insurance, and it’s often a more affordable option than purchasing a separate whole life policy to pay off your mortgage in the event of your death.

Learn More

 
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Protect your home, your loved ones, and your legacy.
We'll show you how.

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