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Mortgage protection insurance, explained
Plain-English guides for homeowners: how mortgage protection life insurance works, how it differs from PMI, what living benefits are and how to compare options. Reviewed by a licensed agent.
Mortgage protection basics
What Is VA Mortgage Insurance, and Who Qualifies for Veterans' Mortgage Life Insurance (VMLI)?
VA mortgage insurance can mean three things: no PMI on VA loans, VMLI for Veterans with an SAH grant (up to $200,000), or private mortgage protection.
Read the guide →Mortgage protection basics
What Is Mortgage Protection Insurance, and How Is It Different From PMI?
Mortgage protection insurance is life insurance that can pay off your mortgage if you die. Unlike PMI, it protects your family, not the lender.
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What Is Life Insurance With Living Benefits, and Can It Help With Your Mortgage?
Life insurance with living benefits lets you get part of your death benefit early if you become terminally, chronically or critically ill.
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Is Mortgage Protection Insurance Worth It, or Is Term Life Better?
Is mortgage protection insurance worth it? It can be, but level term life sized to your loan often gives your family more flexibility. Compare the options.
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How Much Is Mortgage Life Insurance Per Month, and What Changes the Price?
How much mortgage life insurance costs per month depends on your age, health, tobacco use, coverage amount, term and riders. Here's how to compare quotes.
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Can Seniors Get Mortgage Protection Insurance? Age Limits, Costs and Other Options
Mortgage protection insurance for seniors is available, but term coverage has age limits and costs more with age. Here are the limits and other options.
Read the guide →What mortgage protection is, and isn’t
Mortgage protection insurance is life insurance you buy for yourself. If you die while you still owe on your home, it pays a benefit your family can use to pay off the mortgage or keep making payments. It is not private mortgage insurance (PMI), which a lender may require and which protects the lender, not your family.
Most mortgage protection policies are term life insurance. Some have a benefit that shrinks with your loan balance, and others keep the same benefit for the whole term. Many offer living benefits that can pay part of the benefit early if you become seriously ill. Terms, prices and eligibility vary by insurance company, age, health and state.
RestAssured is not a lender, an insurance company or an insurance agency, and isn’t affiliated with any mortgage lender or servicer. RestAssured connects callers with independently licensed insurance agents.