Affordable Life Insurance Protection for Your Family

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Do You Want to Buy Mortgage Life Insurance to Protect Your Home and Family?

Purchase Mortgage Life Insurance

If so, you’ve come to the right place.

Purchasing a life insurance plan to make sure your loved ones can remain in the home they shared with you, should the unexpected happen, will provide you with peace of mind and provide your loved ones with the security they need and deserve.

What is Mortgage Life Insurance?

Mortgage life insurance is a type of life insurance policy taken out by a borrower to make sure that the mortgage loan is paid off in the event of the borrower's death. The policy provides a lump sum of money to the beneficiary of the beneficiary of the policy which can be used to pay off the outstanding mortgage balance in the event of the borrower's death.

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What is Mortgage Term Life Insurance?

Mortgage term life insurance is a type of life insurance that provides the funds needed to pay off your mortgage if you die before it is paid off. The premiums you pay for a mortgage term life insurance policy are based on the amount of your mortgage (coverage amount) and the length of the term of the policy – 10, 15, 20, 25 or 30 years. The policy pays out a lump sum to your beneficiaries if you die before the mortgage is paid off (before your policy expires). The lump sum is used by the beneficiary to pay off the balance of the mortgage.

What to Consider When Buying Mortgage Life Insurance?

  1. Coverage Amount: Make sure the coverage amount is sufficient to cover your mortgage balance and any other debts you may have.
  2. Premiums: Compare different policies to find the most affordable premiums that still provide adequate coverage.
  3. Benefit Period: Ensure that the policy will cover the entire length of the mortgage or other loan.
  4. Riders: Consider adding additional riders to your policy to provide extra coverage for specific events or illnesses.
  5. Financial Strength of the Insurer: Check the insurer’s financial strength to make sure they are able to pay out the death benefit if needed.

Tips for Saving Money on Mortgage Life Insurance

  • Shop Around: Shop around for the best rate and coverage for your mortgage life insurance policy. Compare quotes from multiple providers and don’t be afraid to negotiate.
  • Look for Discounts: Ask your insurer about any discounts they may offer. Many insurers offer discounts for paying the premium in full, for having a healthy lifestyle, or for having multiple policies with them.
  • Consider a Term Life Insurance Policy: A term life insurance policy can provide coverage for a set period of time, usually 10, 15, 20, or 30 years, and is generally more affordable than a traditional mortgage life insurance policy.
  • Choose an Appropriate Amount of Coverage: Make sure that you are getting enough coverage to cover your mortgage debt, but not so much that you are overpaying.

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How to Purchase Mortgage Life Insurance

The best way to purchase mortgage life insurance is to work with a qualified insurance agent or broker. They can help you weigh your options, determine how much coverage you need, and find the best policy for you. They can also answer any questions you have and ensure that you get the best coverage for your situation.

The Process of Purchasing Mortgage Life Insurance

Mortgage life insurance is an insurance policy that provides the funds needed to a beneficiary to pay off a mortgage in the event of the borrower's death.

The process of purchasing mortgage life insurance typically begins with the borrower contacting an insurance company or an insurance agent. The borrower will provide information about the amount of the mortgage and the duration of coverage needed; as well as, information about the borrower’s health.

The insurance company or agent will use this information to provide the borrower with a quote for the life insurance policy.

Once the borrower has received the quote, they can decide whether or not to purchase the policy. If they decide to purchase the policy, they will need to fill out an application for coverage, which usually takes about 15-20 minutes. The agent can assist you with completing the application process over the phone and answer any questions you have about your coverage.

The insurance company or agent will then process the application and provide the borrower with a copy of the policy. The policy will outline the terms and conditions of the coverage, including the amount of coverage, the premium payment, and any exclusions or limitations.

The borrower will need to make sure that the policy is paid for in full and on time.

Mortgage life insurance can provide peace of mind to borrowers, as it can help to ensure that their mortgage is paid off in the event of their death.

Review of Mortgage Life Insurance

Many people use a term life insurance policy to help pay off your mortgage if you die. You could choose a regular term life policy with a face value that’s at least the amount of the mortgage that you still need to pay. If you were to die during the policy’s term, your beneficiaries receive the death benefit, which they can use to pay off the mortgage loan.

Your beneficiaries can use a term life insurance death benefit for anything, so if you feel paying off the mortgage is most important, you should clearly state that in your will.

Mortgage Life Insurance Quotes

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FAQs for Mortgage Life Insurance

How Much Mortgage Life Insurance Do I Need?

The amount of life insurance to buy to protect your mortgage is the amount of money you currently owe on your mortgage loan.

How Long Do I Need Mortgage Life Insurance to Last?

The term or duration of your life insurance policy should match the duration of your home mortgage. You may choose a policy term of 10, 15, 20, 25 or 30 years.

Is Life Insurance a Legal Requirement for a Mortgage?

No, it is not a legal requirement. Many lenders however will require mortgage life insurance to protect themselves. Also, there have been cases where a judge has required a divorced spouse to carry life insurance to cover a mortgage or protect minor children although these cases would depend on the situation.

Should You Buy Mortgage Life Insurance?

Traditional mortgage life insurance plans are helpful in some cases, but it may make more sense to buy insurance on your own. A standard term life insurance policy can also protect your loved ones and pay off any mortgage debt, and more.

How to Protect Your Mortgage with Life Insurance?

Mortgage protection insurance. Purchase a term life insurance policy for at least the amount of your mortgage. Then, if you pass away during the "Policy Term" when the policy’s In Force, your loved ones receive the face value death benefit of the policy. They can use the proceeds of the life insurance policy to pay off the mortgage. Proceeds that are often tax-free.

Does Life Insurance Pay Off Your Mortgage?

Life insurance like term life insurance can be used to pay off a mortgage. Your beneficiary will be able to spend the death benefit as they wish; such as, to pay off the remaining balance owed on the mortgage, so they can remain in the home they shared with you.

Is Mortgage Life Insurance a Good Idea?

Yes, it can provide the affordable protection needed to make sure your family has the funds to keep their home. And you may be able to get insured without having to take a medical exam.

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