Do You Need Mortgage Life Insurance? Pros, Cons, & Alternatives

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Do You need mortgage Life Insurance
Should you buy mortgage life insurance? Many people think mortgage life protection is a great deal, while some other people think it is a ripoff. Here are the pros and cons to help you decide.

What would happen if you passed away today, tomorrow, or next year?

Would your family have enough money to get by, or would they struggle financially?

Would they be able to stay in your current home with the same standard of living, or would they need to downsize?

These are important questions to ask yourself as you determine whether your life insurance coverage is sufficient.

Mortgage Life Insurance Protects Your Largest Investment

With the average home price today, a mortgage tends to be one of the largest investments a family makes. It’s one that can lock you in for the next 30 years of your life or more.

Buying a life insurance policy is only part of what is required to protect your family.

If you want to leave them in a situation where they can continue to thrive in your absence, you have to buy enough life insurance to cover your income, pay for future expenses like college and retirement, and even pay for the home you live in (even if it’s not all at once).

Do You need mortgage Life Insurance

Life insurance policies exist to help provide money for these situations, and there is one particular life insurance option that was created specifically to repay your mortgage in the event of your death, disability, or some life-altering disease.

Called mortgage life insurance, this type of insurance can pay off your mortgage if you meet an early death or your health impacts your ability to earn.

Keep reading to learn more about mortgage protection life insurance coverage, how it works, and what it could mean for you and your family.

As the name implies, mortgage life insurance, or mortgage protection insurance, is there to repay your mortgage in the event you die or become unable to work.

Most of the time, you are offered a mortgage insurance policy when you fill out loan papers for your house and sign the paperwork to begin your mortgage.

You can decline this insurance when it is offered, however, you may be required to sign several forms and waivers verifying your decision to opt out.

Why do you have to sign waivers to decline a mortgage life insurance policy?

Officially, this paperwork was created with the intent of proving you understand the risks associated with having a mortgage.

Mostly, however, the paperwork was created to give you a moment to stop and think about your situation – and potentially persuade you into buying the financial protection these policies offer.

Is mortgage protection life insurance worth the cost?

As with anything else, there are pros and cons to purchasing these types of policies. While it may be an ideal solution for some families, others don’t need mortgage protection at all.

Before we go any further, let’s discuss both the advantages and disadvantages which come with buying mortgage protection coverage.

Also, we’ll discuss some alternative types of insurance policies that might make even more sense to protect your loved ones.

Advantages of Buying Mortgage Life Insurance

Mortgage life insurance policies give your family peace of mind.

In the event of a terminal illness or your untimely death, your mortgage life insurance plan will cover your loan amount so your loved ones won’t have to continue paying without your income.

The biggest advantage of this protection is knowing your mortgage loan will be fully repaid no matter what happens with your health.

Key Advantages Which Come with Mortgage Life Insurance

One of the biggest advantages of buying a mortgage life policy is near-universal coverage with minimal underwriting – there is often no medical examination or blood sample required at the inception of your plan.

Thus, it can be a valuable insurance option for any high-risk homeowner with serious health problems or preexisting medical conditions that may prevent them from buying a traditional life insurance plan.

Here are a few of the other key advantages mortgage protection can offer:

1. The Payoff is a Mortgage-Free Home

Your family will have a mortgage-free home if you die or cannot work due to illness or injury. If your mortgage payment makes up a substantial part of your budget each month, it’s smart to consider how your family might cover the cost if you were to die or become incapacitated. With a mortgage insurance policy in place, you won’t have to worry or wonder what might happen. If you die or become gravely ill or unable to work, your insurance plan will become active and pay off your mortgage loan.

2. You Don’t Have to Die to take Advantage of this Coverage

With some exceptions, most traditional life insurance policies will not pay out unless you die within your coverage period. Most mortgage insurance policies, on the other hand, offer coverage that works if you become disabled or unable to work. This fact makes this coverage slightly more versatile than a traditional term or whole life insurance policy.

3. The Sleep-well Factor is Real

Buying a mortgage life policy can help you to sleep well at night knowing your family is protected. Like we said before, the biggest advantage this coverage offers is the fact you don’t have to worry about your family having a place to live if you die or cannot work. With your mortgage paid off, your family will always have a place to live provided they can afford the property taxes and insurance each year.

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Disadvantages of Buying Mortgage Life Insurance

Generally speaking, there are four reasons why mortgage life insurance isn’t a good deal for everyone.

The most important of those factors is the fact you can get a comparable term life insurance policy that will cover the cost of your mortgage and provide cash death benefits for your family – and all for around the same price or even less in most cases.

Key Disadvantages of Mortgage Life Insurance

Here is a summary of each of the disadvantages which come with this type of coverage:

1. Mortgage life insurance is a decreasing benefit.

Mortgage life insurance features level premiums with a decreasing death benefit because the payout is generally fixed to your mortgage principle*. Because of this, the value of the policy decreases as you repay your mortgage loan. Buying a standard term life insurance policy, on the other hand, gives you a fixed premium and a fixed payout. You know exactly how much will be paid out in the event you or your loved one dies.

*Some newer mortgage protection insurance policies pay out at a fixed rate for the first few years, then decrease as time goes on, and some pay out at a fixed rate. Read the terms closely before making a purchase.

2. Mortgage life insurance policies benefit lenders more than the insured party.

It is important to note your family will not actually see any of this money from this insurance policy payout. The mortgage lender is the beneficiary and if you die the banking institution will receive the life insurance payout which will be used to repay the mortgage in full. Your family’s payoff is a house paid in full.

3. You have no control over where the life insurance settlement goes.

As mentioned in the above paragraph, the life insurance settlement is automatically sent to the bank to cover the terms of the mortgage. Not having a mortgage may give you peace of mind, but it may not actually be the best use of your funds at the time. A traditional term life insurance policy gives you better control over how to use your life insurance settlement. For example, if you have a lot of debt at a higher interest rate it may be more prudent to repay the debt before repaying your mortgage.

4. Mortgage life insurance premiums are expensive for the amount of coverage.

The premiums you pay at the beginning of your mortgage are probably in line with the amount of coverage you are receiving, but as time goes on, you receive much less coverage for the money. You are more than likely better off going with a term life insurance policy and getting sufficient coverage to pay off your house in full if it is your goal. Be sure to get multiple life insurance quotes before purchasing your life insurance policy.

Should You Buy Mortgage Life Insurance?

While any type of policy is better than nothing, mortgage life insurance doesn’t seem like a great idea for most families who need a life insurance policy.

Generally speaking, mortgage life insurance requires you to pay the same amount of money each month for a decreasing death benefit. Plus, you have no control over where the payout of the policy goes or how it is used.

For most people, a traditional term life insurance policy is a better option than mortgage protection insurance due to a potentially larger payout, lower premiums, and the flexibility of using your life insurance settlement how and when you want.

With that being said, there is still a handful of reasons why people would want mortgage life insurance. The primary advantage of mortgage life insurance is you can generally get a policy with minimal health screenings or underwriting.

Meanwhile, you may not be required to submit to a medical exam before purchasing a mortgage protection policy. If you have trouble purchasing a term life insurance policy, then applying for a mortgage life insurance policy when you buy your house is a good idea.

Whether or not you should buy a policy really depends upon the amount of your loan and the value of your house, your family’s assets, and your general health.

In addition to these factors, you must consider the term of your loan and the possibility that, if you rewrite your mortgage or the bank sells your loan, you’ll have to rewrite the mortgage insurance policy as well.

The most important thing to remember is you need to buy enough life insurance to meet all your financial needs – not just paying off your house.

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Pros & Cons of a Mortgage Life Policy

Pros:

  • You may be able to obtain mortgage life insurance even if you have a difficult time getting coverage elsewhere. Some policies do not require an exam,
  • Your family will have a mortgage-free home if you die or cannot work due to illness or injury.
  • You can gain from this policy even if you don’t die.
  • You can sleep well at night knowing your family is protected.

Cons:

  • Mortgage life insurance is a decreasing benefit.
  • Mortgage lenders are the biggest beneficiary, not the insured party.
  • You have no control over where the life insurance settlement goes.
  • Mortgage life insurance is expensive for the coverage amount purchased.
  • Term Life insurance is often a better life insurance policy for most families.

Why Most Families Would Gain from a Term Life Insurance Policy Instead

The idea of having a mortgage-free home if you die or cannot work may sound attractive, but it doesn’t mean mortgage protection insurance is the best way to achieve this.

By and large, most people would be better off purchasing a term life insurance policy big enough to cover their mortgage and provide for other financial needs.

Here are five reasons you should seriously consider term life insurance instead of mortgage life insurance:

1. Term Life insurance is usually cheaper

Most of the time, term life premiums are considerably less than the mortgage protection insurance premiums you’re offered when you take out a home loan. If you want to find out how much you might pay, fill out the form at the bottom of this page for an instant quote.

2. You’ll get a fixed payout

The face value of a traditional term life policy never changes. This means your beneficiaries will receive a fixed cash payout regardless of when your family files a claim. Since mortgage life insurance only pays off your mortgage, your benefit will naturally decline as you pay off your loan.

3. You can get much more coverage with a Term Life policy

Mortgage protection has a limited coverage amount. However, you can get a policy big enough to cover your mortgage, replace your income, and provide for your loved ones. This is especially valuable for young families who may have other loans or debts such as student loans, car payments, credit cards, and more. A larger payout and cash benefit can also provide money for a college education fund for your children, allowing them to avoid student loans.

If paying off the family mortgage is a priority, you can buy a term policy big enough to pay off your property and provide a cash benefit to your family.

4. You won’t be penalized for paying off your mortgage faster

With mortgage life insurance, your benefit goes down with each month you pay down your mortgage. In this respect, paying your house off early exacts a penalty that could cost you money. With traditional life insurance, on the other hand, you’ll get a set death benefit that won’t change if you decide to pay off your home early. Term life also covers you for a fixed period of time, unlike a mortgage protection plan, which is tied to your mortgage length.

5. Term Life policies pay your beneficiaries with cash

Term life insurance provides your beneficiaries with cash they can use in whatever way seems fit. This means your family will receive cash they can use as they wish. If they want to use the funds to pay off your mortgage, they can certainly do so. But since you may not know how your family’s needs might change in the next five, ten, or twenty years, it’s nice to provide your family with cash they can use as they please.

Get a Free Term Life Insurance Quote

Once you take a closer look at the advantages and drawbacks of mortgage life insurance, it becomes pretty apparent a larger, term life policy might be a smarter option for your family.

If you want to protect your family from the unknown, it’s smart to begin shopping for a policy as soon as you can.

Get a Free Life Insurance Quote from Haven Life: Visit the Haven Life website for more information or for free life insurance quotes from multiple companies. You can also fill out the form below.

The form will provide you with a general idea of how much you might pay depending on your general health, location, and the amount of coverage you need. The quote is free and there is no obligation.
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About Ryan Guina

Ryan Guina is the founder and editor of Cash Money Life. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF and is a current member of the IL Air National Guard.

Ryan started Cash Money Life in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about military money topics and military and veterans benefits at The Military Wallet.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free account here.

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  1. ctreit says

    Great post! I suppose for most people it would make sense to calculate their overall life insurance coverage which would include mortgage debt. This is what we did and I am pretty comfortable with my wife’s and my own life insurance.

  2. mrsfeds says

    This information is very helpful . Thank you for showing me how to go about making very important decisions for my family and I. Most times people make uneducated decisions because they get confused on how to go about getting the right information.. Thanks Again

  3. Kristine says

    Thanks for the article! I definitely agree with your comment to buy enough life insurance to cover all of your financial needs! Sounds like it should be called mortgage “lender” insurance! 🙂

  4. Kirk Kinder says

    Good post. People get suckered into these policies without understanding them, especially the decreasing term portion.

    More often than not, folks are better getting a term policy on the outside market so long as they are insurable. So I recommend getting a term policy. If you can’t, then get the mortgage life.

    And, you have a great point that everyone should ensure they have enough life to cover all risks, not just the mortgage.

    • Ryan says

      That about sums up my opinion, Kirk. I think most people are better off with a term life policy if they are insurable. It’s coverage that remains at the same level for the duration of the policy, not a decreasing benefit for a static payment.

      When my wife and I chose our life insurance coverage, we looked at all possibilities, including mortgage, college tuition, living expenses, etc. Covering only one aspect of your financial life just doesn’t make sense.

  5. Dan says

    Great post! It seems like mortgage life insurance is not a good option for anyone who is insurable elsewhere. They now have someting called “return premium mortagage insurance”. They claim they’ll return all the premium paid if you keep the policy for the entire term, which can be between 20 & 30 years. Ryan, have you heard of this type of policy? If so, what’s your opinion on it? Thanks!

  6. Joanne says

    This is an interesting discussion to me because I am considering buying mortgage insurance protection on a second home. I would love to have some advice. Consider this: If a 60-ish couple with two grown children own one home free and clear and a second home that has a $300,000 mortage, does it make sense to get mortgage insurance on the second home? Is it true that such a policy would pay the outstanding mortgage no matter which of us might die? Thanks for any comments!

  7. Anita says

    What happens to your home equity if you die without mortgage life insurance? Does the bank get it all or can the proceeds from any term life insurance policy be used by your beneficiary to pay off the remainder of the loan even if they are not one of the homeowners? The equity in my home is more than the amount owed and I want to make sure it is protected.

    • Ryan says

      Anita, if you can continue making your mortgage payments then nothing happens. This insurance is designed to protect individuals who would have a difficult time making mortgage payments if one member of the family were to pass away. In that instance, the mortgage would be paid off and you wouldn’t have to worry about the mortgage payments any longer. If you can no longer make the mortgage payments you would have to forfeit your house and the equity in your house to the lender, and yes you would lose all your equity. That said, in most cases, a standard term life insurance policy is a better option for most people and it is something I recommend everyone look into. Here is a helpful article: How Much Life Insurance Should You Buy?.

  8. K Yothers says

    Good article. Just what I was looking for. Good discussion of pros and cons of this type of insurance.

  9. mspaap says

    My uncle recently passed and Mortgage Life Insurance will pay off his home so his family doesn’t have to worry about making payments.

    Although its true the family won’t see the money because it will be paid to the lender, the family has the option of living in, or selling the home for a profit.

  10. Terry says

    Since I am not married and have no kids, I have my sister’s name as my beneficiary. My life insurance here at work is more than enough to give her a great gift. Wouldn’t it be a great relief to her not to have to deal with having to sell my house to pay it off, if I had the mortgage life insurance?

    • Ryan says

      Terry, I’m sure it would be nice for your sister, but if you want to have the house paid off if you die, you can probably get a less expensive term life insurance with a higher pay off amount and a lower premium. The added benefit of a term life insurance policy is that you get to lock in the low rates now, so if you sell your home or get married, you won’t have to worry about adding more life insurance. You don’t even need a large policy – enough to cover your estate should be sufficient.

  11. Garth says

    Why some people should consider mortgage life insurance. That said, there are actually several reasons why people would want mortgage life insurance. The primary benefit of mortgage life insurance is coverage with minimal health screenings; you may not be required to submit to a medical examination before purchasing a mortgage protection policy. If you have trouble purchasing a term life insurance policy, then applying for a mortgage life insurance policy when you buy your house is a good idea.

    This is really bad advice. If you can’t qualify for a regular term insurance policy you could never answer the question they ask in order for you to qualify for insurance without a medical, and if you did it make the coverage “void” at the outset. There is simply no way on God’s green earth that you could ever qualify for mortgage insurance if you did not qualify for an individual insurance policy.

    • Ryan Guina says

      Garth, “have trouble purchasing” is different than “cannot buy.” Some people are eligible for life insurance, but it is very expensive for them, or they may have to go through hoops to get a policy approved. As with everything, each situation is unique.

  12. Ric says

    “You have no control over where the life insurance settlement goes”. Does this mean in the event of death of the policy holder, the bank when presented with a certified death certificate, who holds the loan would process the paperwork to pay off the loan or does the surviving spouse initiate the process?

    • Ryan Guina says

      Ric, I’m not 100% certain. I recommend reviewing the policy or calling the insurance company to determine how a payout is handled.

  13. Elaine says

    Hi- my husband has diabetics and numbers are too high to get life insurance so should we get mortgage cancellation on a new house? Also the house is only in my name. What options do I have?

    • Ryan Guina says

      Elaine, this is a situation where mortgage life insurance may be worth it, however, I am not sure you can get mortgage life insurance in his name if he is not listed on the mortgage. Mortgage cancellation policies are generally only available when you first make the purchase, so if it has been awhile since you bought your home, you may not be able to get this insurance unless you refinance. If you decide to refinance, you may be able to add your husband’s name to the mortgage, and then get mortgage cancellation insurance on his name. My recommendation is to call around and ask questions about this. It sounds like you will need to do a little research to find the right solution. Best of luck.

  14. Renee Charron says

    Ryan,
    My husband and I are trying to decide if we want to purchase Mortgage Life Insurance to pay off our marital house (his name is on the mortgage only, it was his before) only. I have another house (before him) that has a small mortgage left on it, (my name on mortgage only) and it is rented out with an income. We also have another house we bought after we were married, (my name only), that is paid off. We want to know if we should buy mortgage life insurance to pay off “his” house if he passes first. He has a job. I am a stay at home Step Mom, and his only daughter is in 9th grade. No other children. Trucks paid off. Money in bank (stocks/bonds/cash). We were looking at Mortgage life insurance to pay off the bigger mortgage only, as that would be my biggest bill. If we buy that, I assume the lender/mortgage gets paid off in full, and I would own the house to sell, etc.?? We are both 50 yrs old. Thank you!!

    • Ryan Guina says

      Renee, from my understanding, mortgage life insurance needs to be purchased when you obtain your mortgage. However, there may be some companies that allow you to purchase a policy after the fact. You will need to check with your lender for availability. That said, your financial situation is unique. Because you and your husband own multiple properties, you may find it beneficial to meet with an insurance agent to go over all your insurance needs, including homeowner’s, liability, life insurance, etc. You may find that a standard term life insurance policy for each of you is a good option, as the payment would go directly to the beneficiary and can be used for any purpose, including paying off mortgages or other bills, paying for living expenses, or for retirement. A financial planner can also help you understand your needs. I hope this points you in the right direction.

  15. jm says

    my question is what do you do if you become disable and can not afford to make the mortgage payment is this not what mortgage insurance is for. yes I know it will help those who can not get life insurance and the person passes away ect. but what about disable life insurance does not help in this case. If your 60+ it gives one pause

    • Ryan Guina says

      You would need to buy a separate disability insurance policy for this type of coverage. That wouldn’t specifically cover your mortgage, however. It would give you a monthly payment based on the level of coverage you had, which is often based on a percentage of income. You may wish to speak with an insurance agent if you have concerns about becoming disabled or losing your income.

  16. Marsha Westbrook says

    I had another question. Can I add credit life onto my home mortgage right now if it doesn’t have any?
    Marsha Westbrook

  17. Linda Lutkus says

    Just curious – should our Mortgage life pay at permanent disability? BTW I insisted on mortgage life because I felt that since tied to home mortgage payment my husband wouldn’t find an excuse to not pay the policy. So we have it. Interesting blog.

  18. April Lynnwood says

    Hi, my fiance and I have been asked to raise my best friend’s 4 children in the event she loses her battle with cancer. She owns a home outright to be left to her eldest child and I, there is a stipulation that neither if us can refinance it unless there us a serious “crisis” type need and the term of the loan must be 10 years or less. My fiance is a disabled vet with federal fixed incomes. His pensions afford us a very comfortable life, we currently live in the largest luxury fifth wheel on the market, but its no place for a family. IF we need to provide these kids a home, it would be wonderful to have money in addition to the amount allocated to us by her estate (abt 60,000 at the time of death) to get into a home, we were home shopping already and while our budget is significant for a lovely home for us it is inadequate to raise a family. Repaying two mortgages and raising 4 children (I also have a 7 year old who does not live with us but will when we have a home, we help his single sister with some expenses for her son and I have 2 grandchildren and I am not employable, I suffer from Lupus and do not received SSI ). While marriage is in our future, until this happens, I would be sole guardian so we would not receive any increases in benefits/income from our source of revenue so we are VERY worried that we cannot provide in the manner these kids whose ages range from 5 to 13 deserve. She has excellent credit, we do not, she is considering refinancing this home and using the money towards purchasing a home for us WITH us or with a lein and we would repay it should she go into remission, but should the worst happen , and she loses her battle, the loan could be paid off via insurance allowing us the revenue from her home as a rental ; giving us a source of income to cover these extra expenses. Under these circumstances is this a good idea?

  19. Pam says

    I have a question – when you buy a mortgage life insurance policy, do you have to name a beneficiary? My brother recently died from ALS and he told me before he died that he was paying for something that would pay off his house when he died. He didn’t leave a will, mainly because he wanted his worthless son to have to work for his inheritance. But he’s not working and the mortgage company is trying to work with me, even though I’m not authorized to talk to them. But I am curious about the beneficiary part of the whole thing.

    • Ryan Guina says

      Hello Pam, I’m sorry for your loss. I don’t have a good answer for you. Laws can vary by state, and not leaving a will or written set of instructions can cause unforeseen problems. I recommend contacting an estate attorney to help you through this process, and to ensure this is handled legally. Best wishes.

  20. Pam says

    Thank you, Ryan. My brother’s mortgage was transferred to another company since a couple of payments were missed. The original company was not aware that my brother had died, so they would not have known to look to see if he had a policy. I got to talk to someone at the new company and they didn’t know either. I sent them a copy of the death certificate and then I called them again. I got someone who wouldn’t tell me anything because I wasn’t authorized to talk to them. I have to admit I wasn’t very nice to her. But I just got a letter saying they were looking into the situation and would let me know. I just don’t think my brother would have said he had the policy if he didn’t.

    • Ryan Guina says

      Hi Pam, It sounds like you are doing all you can. I have never had to deal with estate issues, but I know they can be complicated, and company policies and state laws can make things more difficult. Speaking with a lawyer who specializes in estate law may be your best option. I wish you the best, and again, I’m sorry for your loss.

  21. Sam says

    Do mortgage lenders still offer decreasing term? I sell mortgage insurance and am surprised to see an expert harping on this old type. I did not know it still exists.

  22. Erica says

    I got a quote from State Farm for Mortgage Protection – $100,000 for $24 a month. That’s a hell of a lot less expensive then term life.

    • Ryan Guina says

      Erica, that really depends on many factors, such as age, health, insurance provider, etc. I know people who have $500,000 term life for less than $50/mo and a $1,000,000 policy for less than $100 per month. So for some people, yes, $100,000 for $24 will be a good deal. But for others it isn’t. Each person should review their options and compare them before they make their decision. Life insurance is highly individualized.

      • Ruby Phillips says

        I have not seen anyone refer to age limit. I have a term and when I reach 65 the amount was cut and my premium went up, and at 75 it ends. I will be paid many years for nothing and my house will not be paid off. the premium have gone up too. The purpose of the term policy was to cover my debt in case of my death, but I am way healthy and will out live this policy. I also carry a whole life which was converted from a term and it will continue until I die, but the premium still go up but it will not be enough to cover the house. So be warned be cause advancing age can change the financial game. The MPI from a company would be less than my term premiums. so I will be looking into this. Thanks for the info…but people need to know the term limits by age too

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