Mortgage protection insurance. Who needs it? Probably you.

Understanding what mortgage protection insurance is and what it is not can help you decide if you need this type of life insurance policy. If you die, would you want the balance of the mortgage to be paid off, leaving your family with a free and clear house? If so, then a mortgage protection plan is what you need.

In this article, we will go over mortgage protection cost, which companies are best and how to get quotes for this type of plan.

Plus we include a few tips and tricks on how you can pay off your mortgage 7-8 years early.

What is mortgage protection insurance?

Mortgage protection insurance is nothing more than a term life insurance policy used to pay a death benefit to a beneficiary. The beneficiary has the option to use the money as they choose. Some beneficiaries may elect to pay off the mortgage, and some may not. Regardless, mortgage protection life insurance leaves your loved ones with options

Mortgage protection life insurance can be more than just life insurance. You can add riders to this type of policy to help pay your mortgage payment in part if you lose your job or become disabled or chronically ill. And if you die, the balance of the mortgage will be paid, leaving your family with a free and clear house.

What mortgage protection insurance isn’t.

  • PMI (private mortgage insurance)
  • Protection from unemployment
  • Protection from a disability
  • Protection from chronic illness
  • Protection from critical illness

Best mortgage protection life insurance companies

The market for mortgage protection is crowded. Multiple companies offer their own version of the product. Some, unfortunately, are overpriced, and others have very thin policies which don’t provide many features.

We represent over 30 of the best life companies. Because we specialize in life products, we have been able to sift through the options and understand exactly what is being offered and at what price. Beware of solicitations that don’t provide options. If the agent you are working with only represents one company, the offer is probably better for the agent than it is for you.

The most significant factor when choosing the best mortgage protection company is determining which company will offer you the best rate class. If you do not know what a rate class is you should. You can learn what a rate class is on this page.

The best mortgage protection life insurance companies are:

The worst mortgage protection life insurance companies are:

  • State Farm
  • USAA
  • Americo
  • Mutual of Omaha

State Farm, USAA, Americo or Mutual of Omaha, —–Even though these companies say they have a particular mortgage protection series product, they are all still just term policies, and they are expensive term policies compared to the competition.

How much does mortgage protection insurance cost

Like most life insurance policies, multiple factors go into pricing the policy. The primary factors are your age, gender, state, health, product type and coverage amount.

Most people apply for enough coverage to cover their mortgage balance. So then if you have a large mortgage you will need more coverage which will lead to a higher cost.

Every company can price differently for each risk factor. Some companies are better suited to tobacco users. Others excel with customers who struggle with their health. If you are young with perfect health, we can find the best carriers for your niche as well.

Learn more:  All the factors that make up the cost of life insurance

You don’t have to guess what the cost will be. We built a quote engine to instantly compare rates from the top companies in the county. It’s the simplest quote form you will ever use and it provides instant rates after you enter some basic information.  You can run a full quote in the widget on the sidebar of this page.