More Than Just Death Benefit
Mortgage protection focuses on paying off the loan if you pass away. Some policies offer optional living benefit riders that may advance cash for qualifying illnesses.
Tailored to Your Loan
We structure policies to match your specific mortgage balance and term length, ensuring you aren't overpaying for coverage you don't need.
What's Included
- Term Match: 15, 20, or 30-year plans to match your loan.
- Decreasing vs. Level: Choose fixed coverage or declining balance.
- Return of Premium: Options may refund premiums at term end.
Key Benefits
Everything you need to know about how this plan protects you.
Mortgage Payoff
Lump sum tax-free cash to your family to help pay down the mortgage.
Disability Income
Optional riders may help with payments if you are injured and can't work.
Return of Premium
Some policies offer return-of-premium options if you outlive the term.
Simple steps to secure coverage
Analyze Debt
We look at your loan balance, interest rate, and monthly payment.
Design Policy
We find a term carrier that matches your health and budget.
Instant Coverage
Many carriers offer temporary coverage while the policy is issued.
Simplified for Homeowners
Many carriers offer accelerated underwriting paths for qualified applicants.
- No-exam options for some applicants
- Streamlined steps for recent homeowners
- Rates vary by age and health
The foreclosure risk is real
If you died tomorrow, could your family keep the mortgage current on a single income? Mortgage protection can create a financial buffer so your loved ones can stay in the home.
Trusted by families like yours
Frequently Asked Questions
Common questions about this coverage option.
Is this the same as PMI?
No. PMI protects the bank if you default. Mortgage protection life insurance protects your family if you die and can help pay off the loan.
What if I sell my house?
The policy is yours, not the bank's. You can keep it, convert it, or cancel it. If you move, the coverage moves with you.
Does it pay the bank directly?
No, it pays your beneficiary (spouse/kids) tax-free cash. They can choose to pay off the mortgage or use the money for other needs.
Is a medical exam required?
Some applicants qualify for no-exam underwriting. Requirements depend on age, health, and coverage amount.
What are Living Benefits?
Optional riders that may allow access to part of the death benefit for qualifying illnesses, depending on carrier and state.
Is it expensive?
Cost depends on age, health, coverage amount, and riders. We compare options to fit your budget.
Can I get money back?
Some policies offer return-of-premium options. They cost more and availability varies by carrier.
Does it cover disability?
Basic policies cover death. Disability coverage usually requires an optional rider.
Keep the Keys in the Family
Calculate your remaining mortgage balance.
Get a quote for a matching term policy.
Add disability riders for income protection.
Ready to compare rates?
Get your free, no-obligation quote today.
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Mortgage Protection Coverage Calculator
Estimate a mortgage protection coverage range from balance and term, then compare term options that keep your home protected and budget stable for homeowners.
Try the ToolReviewed by
Alex Morgan | Licensed Life Insurance Specialist
Alex specializes in asset protection for new homeowners.
Last reviewed: 2026-01-07
Licensing & Disclosures
CoverMeOnline is an independent agency.
Not available in NY. Living benefits vary by carrier and state availability.
Not available in NY. Living benefits vary by carrier and state availability.
Information only. This is not financial, legal, or tax advice.