How it works · Mortgage Protection
Keep your family in the home you built together.
Mortgage protection is life insurance planning focused on helping your family keep their home if something happens to you. Coverage is commonly structured with term or permanent life insurance sized to your mortgage balance — and unlike lender-issued mortgage insurance, the benefit is typically paid to your family, not the bank.
Coverage lengthMatches your loan
BeneficiaryYour family
OptionsTerm or permanent
How it works
- Coverage is usually aligned with your mortgage amount and the years remaining on your loan.
- Your beneficiaries receive the benefit and decide how to use it — pay off the mortgage, cover payments, or meet other needs.
- Some policies include living-benefit riders that may help if you become critically or terminally ill, subject to terms.
- Return-of-premium options may be available on some term policies for an additional cost.
Often a good fit for
- New and existing homeowners
- Families relying on two incomes to afford payments
- Parents who want children to stay in the same home and schools
- Anyone refinancing or buying a larger home
Things to consider
Mortgage protection is not the same as private mortgage insurance (PMI), which protects the lender. Make sure the coverage amount reflects your remaining balance and other family needs.