Mortgage Protection Insurance
Pays off your home if you pass away.
Quick answer
Mortgage protection insurance is life insurance, usually term, sized to pay off your mortgage if you die so your family keeps the home. Unlike lender-sold mortgage insurance, the benefit goes to your family, and many policies include living benefits for critical, chronic or terminal illness.
- Policy type
- Usually term
- Beneficiary
- Your family
- Living benefits
- Often included
- Term
- Matches mortgage
Who is mortgage protection insurance best for?
- New homeowners
- Families relying on two incomes
- Anyone wanting the home paid off if they die
Pros and cons
Pros
- Benefit paid to your family, not the bank
- Often includes living benefits
- Affordable term pricing
- Return-of-premium options
Cons
- Coverage ends with the term
- Separate from your general life insurance needs
How much does mortgage protection insurance cost?
Priced like term life insurance, based on mortgage balance, age, health and term length.
Why buy through Varis Life?
Varis Life is an independent agency with access to every major carrier and licensed agents in all 50 states. We compare mortgage protection insurance options side by side so you get the best fit for your health, budget and goals.
Frequently asked questions
Is mortgage protection insurance the same as PMI?
No. PMI protects the lender if you default. Mortgage protection life insurance pays your family if you die.
Do I need mortgage protection if I have life insurance?
If your existing coverage already covers your mortgage plus income replacement, you may not need separate coverage.
Compare every carrier in one call
A licensed Varis Life agent will shop the market for you, in any of the 50 states, at no cost.
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