Mortgage protection insurance pays off or pays down your mortgage balance if you die during the term, so the people you love aren't forced to sell or move. Unlike lender-required PMI, which protects the bank, this coverage names your family as the beneficiary.
for $300,000 of coverage over 25 years
Illustrative sample only. Your premium and approval depend on the carrier, your age, health, coverage amount and state. Guy brings back the real offers.
Mortgage protection insurance is a term life policy sized to what you still owe on your house. If you die during the term, the death benefit goes to the person you name, usually your spouse, who can use it to pay off the loan and stay put. It is not the same as PMI, which pays the lender and gives your family nothing.
The mortgage does not die with you. Without a plan, a grieving family has about ninety days before the payment problem becomes a moving problem.
The benefit is sized to your actual balance and term, so there is enough to retire the mortgage instead of just delaying the problem.
You name the beneficiary. They can pay off the house, pay down part of it, or cover something more urgent. The choice stays theirs.
Level term locks your monthly cost for the whole term. A health change five years in does not raise your price or cancel you.
Living benefit riders let you draw part of the benefit early for a qualifying critical, chronic or terminal illness, when income usually stops.
Many carriers approve coverage in days using your answers plus database checks. No lab visit, no nurse at your kitchen table.
The policy is yours. Refinance, sell, or move and the coverage stays in force with the same premium you locked in.
Each one fits a different budget. Guy matches the structure to your loan balance and how many years are left on it.
The death benefit stays at full value for the whole term and the premium never changes. The straightforward way to cover a mortgage.
Outlive the term and eligible policies refund the premiums you paid, so the protection ends up costing you nothing.
Riders that release part of the benefit early for a qualifying critical, chronic or terminal illness, while the policy stays in force.
Most homeowners assume they already have this because it is on the mortgage statement. They do not. These two things pay different people.
A term life policy sized to your mortgage balance. If you die during the term, the death benefit goes to the beneficiary you named, usually your spouse or family, to use as they see fit, including paying off or paying down the home.
Required by many lenders when your down payment is under 20 percent. PMI protects the bank if you default on payments. It pays your family nothing and builds no benefit for them.
About two minutes of your time, and nothing is owed either way.
Guy needs your balance, your remaining years and your age. That is enough to size the benefit correctly the first time.
Level term, return of premium and living benefit riders, side by side, with the real monthly cost on each one.
Pick the policy and Guy files the application. Most approvals come back in days with no medical exam.
Private mortgage insurance (PMI) is required by your lender and protects the bank if you default on payments. Mortgage protection insurance is optional coverage you choose, and it pays your beneficiary, usually your spouse or family, not the bank, so they can pay off or pay down the mortgage and stay in the home.
No. The death benefit goes directly to your named beneficiary, who can use it however they need, whether that is paying off the mortgage, covering monthly payments, or other expenses.
No. Once your policy is issued, your premium is generally locked in for the term, regardless of future changes to your health.
Yes. Many clients layer a term policy sized to their mortgage balance on top of existing coverage so the home is specifically protected.
Bring your balance and the years left on the loan. That is enough to price it.
Guy Jean will reach out shortly with your options. Prefer to talk sooner? Book a free call.