How To Get Mortgage Life Insurance

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If you recently bought a home or refinanced your mortgage, you may be offered mortgage life insurance to protect your family and finances in the event of job loss, disability, or death. 

This type of life insurance is a great choice for homeowners – if you just bought your first home or you’ve been in the neighborhood for many years, mortgage life insurance can help you protect your loved ones in the event of unexpected financial loss.  

What is mortgage life insurance?

Mortgage life insurance, also known as mortgage protection insurance, is an affordable type of term life insurance designed specifically for homeowners.

A mortgage protection plan typically lasts the same number of years – or “term” – as your mortgage. Most people select a policy term length of 10-30 years. It’s important to choose a coverage amount that would provide the money your loved ones need to carry on their lifestyle if you were no longer around to provide financial support.

If you pass away while your policy is in force, your chosen beneficiary will receive a lump sum payment they can use to maintain mortgage payments or arrange for covering your end-of-life expenses.

You can also purchase riders for your policy, which would offer added coverage if you became critically ill or disabled and cannot work.  

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Learn more about the benefits of mortgage protection insurance for new homeowners in our article.
Do I need mortgage life insurance?

If you have loved ones or financial dependents, you own a small business, or you carry any debt that would affect those you leave behind, you need life insurance. For homeowners, it’s important to consider if your loved ones would be able to carry on financially if you were no longer around: If you were to pass away tomorrow, would your dependents be able to pay the bills? If you are unsure, or you know they would face financial difficulty, you need life insurance.

Even if you don’t have financial dependents, life insurance can offer benefits to help you secure your own peace of mind. If you would leave behind any debt from student loans, auto loans, or an outstanding mortgage, a mortgage life insurance policy can cover these expenses so your family won’t face financial distress.

The lump sum from your mortgage life policy can generally cover a wide range of unpaid debts if you were to pass away.  

How does mortgage life insurance work?
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Apply Online

Mortgage protection insurance starts with an application for coverage with an insurance company. Quility offers online applications or one-on-one consultations with our agents if you have any questions.

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Make Payments

Once your application is approved, you make payments – also known as “premiums” – to the insurance company. You must pay premiums on time to keep your policy in force. If you pass away during the term, your beneficiary will receive a lump sum payment.

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Review Your Policy Every Year

If you buy a new home, get married, adopt or give birth to a child, your insurance needs will change. It’s important to review your coverage annually to make sure your loved ones are financially protected. If your mortgage protection term has ended, we can help you revisit your insurance needs.

Can I afford mortgage life insurance?

Mortgage life insurance is one of the most affordable policies available, as it only covers a specific term rather than a lifetime like a permanent life insurance policy. Your payment is based on your age and health at the time you apply for coverage, and your premium price will vary based on the coverage amount and term length you select.

Most insurance companies offer mortgage protection insurance without requiring a medical exam, saving you time and money as you won’t need to go to the doctor or deal with any needles or tests to qualify.

Apply online for mortgage life insurance today

If you are looking for affordable and reliable life insurance coverage to protect your loved ones, a mortgage life insurance policy could be the perfect fit.

With Quility’s online application, you can apply for coverage in ten minutes or less, all from the comfort of home.

If you’d like more information on which term length fits your budget and goals, Quility’s licensed agents  are just a call or click away.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.