Mortgage Protection Insurance

Mortgage protection is ideal for:

• First-time homebuyers who want peace of mind
• Families who rely on one or two incomes to make mortgage payments
• Anyone who wants to ensure their family can stay in their home
• People who have health issues that make regular life insurance difficult to obtain
• Those looking for affordable, specific-purpose coverage

The cost depends on several factors:

• Your age and health status
• The amount of your mortgage
• The length of your loan term
• Whether you choose level or decreasing coverage

On average, homeowners might pay $50-150 per month for mortgage protection. Because the coverage decreases over time, it's typically more affordable than traditional term life insurance with the same initial coverage amount.

This depends on the type of policy:

Mortgage Life Insurance (traditional): The death benefit typically goes directly to the mortgage lender to pay off the loan. Your family doesn't receive cash.

Decreasing Term Life Insurance: The death benefit goes to your beneficiary (your family), and they can choose to pay off the mortgage or use it for other needs. We typically recommend this option as it gives your family more flexibility.

We'll help you understand which type best fits your situation during your consultation.

With decreasing term life insurance (our recommended option), you own the policy—not your lender. This means:

• You can keep the same policy if you refinance
• Coverage continues if you move to a new home
• You can adjust coverage if your new mortgage is different
• The policy isn't tied to a specific property or lender

This flexibility is one of the major advantages over mortgage life insurance offered by lenders.

It depends on your existing coverage. Ask yourself:

• Is your current life insurance enough to pay off the mortgage AND cover other expenses?
• Do you have enough for income replacement, children's education, and final expenses?
• Would your family have to choose between paying the mortgage or other bills?

Many people have some life insurance through work, but it's often not enough to cover everything. Mortgage protection can fill that gap specifically for your home. We'll review your existing coverage and help identify any gaps.