Protect What You've Built.

It is life insurance intended to help your family pay the mortgage if you pass away while covered.

No. PMI protects the lender if you default, and lenders often require it when your down payment is under 20%. Mortgage protection insurance helps address the mortgage after your death, and it is always optional.

With a personal life insurance policy, your named beneficiary receives it. Some mortgage-specific policies pay the lender directly instead, so check who the payee is on any policy you consider.

If your family is the beneficiary of a personal life policy, they generally can use the benefit however they need. That can mean paying off the mortgage, continuing the monthly payments, or covering household bills and other needs.

Start with your mortgage balance, then consider your family's income, savings, other debts, and existing life insurance. Work with a licensed insurance producer to calculate the variables you want to consider.

The premium depends on factors such as your age, health, coverage amount, term length, and policy type. A personalized quote shows your options, so work with a licensed professional to see all of them.

Not always. Some policies offer an application process without an exam, but health questions and underwriting may still apply. Some carriers also offer guaranteed issue options for applicants with health conditions. No-exam coverage is typically priced higher than fully underwritten term life insurance for an equally healthy applicant.

Term life insurance covers a specified period, provided required premiums are paid. Choose a term that fits how long your family needs protection. Some policies also offer living benefits, so ask about every benefit offered by the policy you are considering.

It depends on the policy. A level-term policy keeps the same death benefit for its whole term. A decreasing-benefit mortgage policy reduces coverage according to its schedule. Check which type you are purchasing.

A basic life insurance policy pays only upon a covered death. Depending on the carrier and your eligibility, some policies offer optional riders or additional coverage for disability, and some carriers offer benefits for involuntary job loss. Check whether a benefit is included, offered as an add-on, or available at all for the policy you are considering.