;

Mortgage Protection Life Insurance

Compare quotes and save on the most affordable coverage to protect your loved ones

What Is Mortgage Protection Insurance?

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.

How It Works

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.

  1. Unlike other types of life insurance, the term lengths of mortgage protection insurance policies are typically limited to 15 or 30 years.
  2. Because applicants may be able to avoid a medical exam, mortgage protection insurance can be more expensive than standard term life insurance.
  3. Mortgage insurance policies are tied to the remaining balance on a mortgage; the death benefit decreases over the course of the term as the mortgage balance decreases.
  4. If the policy needs to be paid out, the death benefit will go directly to the mortgage lender. This is unlike a traditional term life insurance policy, where the death benefit is paid to a personal beneficiary named by the policyholder and can be used for many purposes.

Riders

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:

Return of premium rider

When the policy term has ended, you will be refunded the sum of your premium payments, minus any applicable fees.

Disability waiver of premium rider

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.

Other Types of Term Life Insurance

pgLogoBlack

50 West 23rd Street, Floor 9

New York, NY 10010

24/7 - Available when you need us

Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET

  • facebook
  • twitter
  • linkedin
  • googlePlus
  • pinterest

Copyright PolicyGenius © 2014-2018

22 West 19th St, Floor 8
New York, NY 10011

madeInNynorton