Mortgage protection
Help your family keep the home
Mortgage protection is life insurance designed to help your family keep paying the mortgage — or pay it off — if an insured person passes away.
How it works
Life insurance sized to your home
Mortgage protection is life insurance — often term coverage, sometimes permanent — sized to your mortgage balance and loan length. If an insured person passes away, the death benefit goes to your beneficiaries, who can use it to pay off the mortgage, keep making payments or cover other needs.
It is not issued or required by your lender, and your family — not the bank — decides how the money is used.
Income protection
Helps replace the income that was paying the mortgage.
Living benefits
Some policies may accelerate part of the benefit for qualifying illnesses.
Considerations
What to think about before you buy
- Coverage amountYour balance, plus other debts or income your family would need.
- Term lengthMatching your remaining loan years is common.
- Two incomes?Consider coverage for each person whose income pays the mortgage.
- RidersLiving benefits, disability or return-of-premium riders vary by carrier and state.
FAQ
Common questions
Is mortgage protection the same as PMI?
No. Private mortgage insurance (PMI) protects the lender if you stop paying. Mortgage protection life insurance pays your beneficiaries.
Is this offered by my lender?
No. Policies we offer are issued by independent insurance companies and are not issued, endorsed or required by your lender.
What if I refinance or move?
Your policy is separate from your loan, so it generally stays in force as long as premiums are paid.