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Mortgage protection insurance is a type of term life insurance specifically designed to help cover mortgage payments if the insured dies while the policy is in effect. The beneficiary of a mortgage protection insurance policy is usually the mortgage lender.
Mortgage protection insurance policies are typically limited compared to traditional life insurance policies in regards to term lengths, death benefit amounts, and other factors, and don’t offer any real benefits over a more affordable term life insurance policy.
Policygenius can help you compare life insurance quotes online and find one that's affordable and, more importantly, fits your coverage needs. Take a look at the following points to determine if mortgage protection insurance is right for you.
Because mortgage protection insurance is a type of term life insurance, you can get many of the same add-on features, or “riders,” as you can with a traditional term life insurance policy, such as:
When the policy term has ended, you will be refunded the sum of your premium payments, minus any applicable fees.
If you become disabled, premium payments will be temporarily waived until you have recovered.
However, applicants can also get additional coverage riders. Because mortgage protection insurance limits the term length of policies to better match with mortgage terms, you won’t have the flexibility of a traditional term life insurance policy. You can choose to add 15 or 30 year riders to increase the term of your policy, if needed.