Mortgage protection insurance · nationwide
If something happens to you, your family keeps the house.
Mortgage protection is life insurance sized to your home loan. If you pass away, it pays a death benefit — generally free of federal income tax — your family can use to pay off the mortgage — or anything else they need. Many plans also pay out if you become critically, chronically or terminally ill.
- Coverage your family controls
- No-exam options
- Rates locked for the term
What a mortgage protection policy can include
Death benefit
Paid to your beneficiary — not the bank — so your family decides whether to pay off the loan, keep making payments, or cover other bills.
Living benefits
Accelerated benefit riders on many policies let you access part of the benefit early after a qualifying critical, chronic or terminal illness.
Return of premium
An optional rider on some term policies refunds your base premiums if you outlive the term. It costs more — we'll show you both.
Riders, benefits and eligibility vary by carrier and state. All coverage is subject to underwriting approval.
Mortgage protection vs. PMI vs. lender mortgage life
| Topic | Mortgage protection (term life) | PMI | Lender mortgage life |
|---|---|---|---|
| Who it protects | Your family | The lender | The lender |
| Who gets paid | Your chosen beneficiary | Lender, if you default | Lender, directly |
| Benefit over time | Usually level for the term | Not a death benefit | Often shrinks with your balance |
| If you refinance or move | Stays — the policy is yours | Tied to the loan | Usually ends with the loan |
Who should consider it
If your household depends on your income to make the mortgage payment, mortgage protection is worth a look — especially in the first years after buying, when your balance is highest.
New homeowners
Your balance is at its highest right after closing.
Single-income families
One paycheck covers the payment.
Veterans with VA loans
VA loans have no monthly mortgage insurance — and nothing that pays off the loan.
Mortgage protection FAQ
Is mortgage protection insurance the same as life insurance?
Most mortgage protection sold today is term or permanent life insurance matched to your loan amount and length. The difference is how it's sized and positioned — the death benefit still goes to your beneficiary.
Do I need a medical exam?
Often not. Many carriers use health questions and database checks instead of an exam. Larger amounts or some health histories may still require one.
What happens to my policy if I sell or refinance?
Because the policy belongs to you and isn't tied to the loan, it stays in force as long as you pay the premiums. You can keep it for your next home or as general life coverage.
How much does mortgage protection cost?
It depends on your age, health, tobacco use, coverage amount and term length. A licensed agent will compare quotes from several carriers, and there's no cost to get them.
Why am I getting mail about mortgage protection after buying a home?
Mortgage filings are public records, so many companies send offers after you close — some designed to look official. Your lender doesn't require mortgage protection. Check who sent it and compare before you buy.
Sources
Last reviewed by a licensed agent. Figures change each year — confirm current amounts at the sources above.
Protect the home you worked for.
Compare mortgage protection options from multiple carriers in one call.