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.
The cost of mortgage protection insurance is based on several factors similar to any life insurance policy.
Shop around and compare quotes. An independent agent can show you rates from multiple carriers to find the most affordable option. In many cases, a standard term life policy offers better value than a dedicated mortgage protection product.
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 specifically covers your mortgage balance and often decreases with your loan. Term life insurance provides a fixed death benefit your beneficiaries can use for anything. Term life is usually more flexible and cost-effective. 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.