Life insurance
Mortgage protection
In plain EnglishLife insurance sized to your mortgage, so your family can pay off the house — or keep making the payments — if you die.
What it is
Mortgage protection is usually a term life policy matched to your mortgage balance and the years left on the loan, often with living benefits added. If you pass away, the money goes to your family — not the bank — and they decide what to do with it.
That’s different from the “mortgage life insurance” some lenders sell, where the payout goes to the lender and shrinks as you pay down the loan. It’s also different from PMI, which protects the lender if you stop paying and pays your family nothing.
How it works
Step by step.
- Match your mortgageCoverage roughly equal to your balance, for about as long as the loan has left.
- Add the extras that matterLiving benefits for serious illness, or a return-of-premium option that refunds your premiums if you outlive the policy (it costs more).
- Your family is protectedIf you die, they get a lump sum to pay off the house, keep up the payments, or cover whatever comes first.
The honest version
What’s good, and what to watch.
Every product has trade-offs. We’d rather you hear them from us now than discover them later.
What we like
- Your family keeps the home
- Your family controls the money, not the lender
- Often less expensive than lender-sold coverage
- Living benefits can help if you get sick
What to watch
- Make sure the term covers the whole loan
- Return-of-premium options cost noticeably more
- Refinancing or moving doesn’t change your policy — review your coverage when your loan changes
Frequently asked questions
Straight answers.
Isn’t PMI the same thing?
No. PMI protects your lender if you stop making payments. It pays nothing to your family if you die.
Why not just buy regular term life?
Mortgage protection usually is term life — sized and timed to your mortgage, often with living benefits built in.
What if I sell the house or refinance?
Your policy stays with you. The coverage doesn’t change with the loan, so it can still protect your family in the next home.
Often paired with
Related coverage.
Term life insurance
The most coverage for the lowest price, for the years your family depends on you most.
Learn more →Living benefits
Use part of your death benefit while you’re alive if a serious illness hits.
Learn more →Whole life insurance
Coverage for your whole life, with premiums that never go up and cash value that never earns a negative rate.
Learn more →General information, not tax or legal advice. Features, availability and rules vary by insurance company, product and state — we’ll walk you through the details of any policy before you apply.
Is this right for you?
Tell us a little about your family and goals. We’ll compare your options side by side — no pressure, no obligation.