Yes, you can purchase mortgage protection insurance at any time during your mortgage — not just at closing. Many homeowners buy coverage months or even years after their mortgage begins. There is no deadline to get protected.
Unlike PMI which is arranged at closing, mortgage protection life insurance can be purchased at any time during the life of your loan. You do not need to buy it at closing or through your lender.
The sooner you get coverage, the better. Your premiums will be lower when you are younger, and your family is protected from day one. Every month without coverage is a month your family is at risk of losing the home if something happens to you.
Work with an independent agent to compare mortgage protection options rather than responding to direct mail solicitations, which are often overpriced.
Compare rates from top mortgage protection insurance carriers.
Mortgage protection insurance (MPI) is a life insurance policy that pays off your mortgage if you die, become disabled, or are diagnosed with a terminal or critical illness. It ensures your family can keep the home no matter what happens. Read more
Mortgage protection insurance typically costs $25-$100 per month for a $200,000-$300,000 mortgage, depending on your age, health, and loan term. Rates are generally comparable to term life insurance of the same coverage amount. Read more
You need mortgage protection insurance if your family could not afford the mortgage without your income, if you are the primary earner, or if you do not have enough existing life insurance to cover your mortgage balance. Read more
Compare rates from top mortgage protection insurance carriers.