Mortgage Protection Insurance
Make sure your family keeps the home — no matter what happens.
What is mortgage protection insurance?
Mortgage protection is life insurance sized to your mortgage balance and term. If you pass away, the benefit goes to your family — not the bank — so they can pay off the home, keep making payments, or use the money however they need.
It's different from the private mortgage insurance (PMI) your lender may require, which protects the lender, not your family.
Why it matters
- Your family keeps the home you worked for
- Works for conventional, FHA and VA home loans
- Optional riders can help with payments during qualifying disability or critical illness
- Some policies return premiums if you outlive the term
Mortgage protection for VA-loan homeowners
VA loans don't require PMI, and VA Mortgage Life Insurance (VMLI) is only available to certain severely disabled veterans with specially adapted housing grants. For most veteran homeowners, a private mortgage protection policy is the way to make sure the house stays in the family.
Frequently asked questions
Is mortgage protection the same as PMI?
No. PMI protects your lender if you stop paying. Mortgage protection life insurance pays your family if you die, so they can keep the home.
Does the benefit decrease as I pay down the mortgage?
It depends. Some policies are level term (the benefit stays the same), others decrease with your balance. Level term typically gives your family more flexibility.
Why am I getting so much mail about mortgage protection?
Mortgage records are public, so many companies mail new homeowners. Our advice: compare several carriers with a licensed, independent advisor before you buy.
Ready to protect your family's future?
Get a free, no-obligation consultation with a licensed, veteran-led team.