What Is the Cost of Mortgage Life Insurance? (And Is It Worth It?)

Imagine this: Your family loses you—and then, because of unpaid mortgage debt, they lose their home too. It’s a heartbreaking scenario, but it’s preventable. Mortgage life insurance ensures your loved ones won’t face foreclosure if the worst happens. 

But how much does it really cost? And is it the right choice for you? Let’s dive in.

How Much Does Mortgage Life Insurance Cost?

The price of mortgage life insurance depends on several key factors:

• Your Age & Health – Younger, healthier borrowers get the lowest rates.

  
  

• Coverage Amount – A $200,000policycostsmorethana$$200,000 policy cost more than a $100,000 one.

  
  

• Policy Length – A 30-year term is pricier than a 10- or 15-year term.

  
  

• Type of Policy – Term life insurance (cheaper) vs. decreasing term (premiums stay the same, but coverage drops as you pay off the mortgage).

  
  

On average, you might pay $15to$$15 to $100 per month, but some policies can go higher if you’re older or have health issues.

Sample Monthly Costs*

Age	$200,000 Coverage (30-Year Term)
30	$20-$
40	$30-$
50	$50-$

*Estimates based on non-smokers in good health.

Why Mortgage Life Insurance Is Worth Considering

This isn’t just another bill—it’s a financial lifeline for your family. Here’s why it’s valuable:

✅ Pays Off the Mortgage in Full – If you pass away, the policy covers the remaining balance, so your family keeps the house.

✅ No Medical Exam Options – Some insurers offer guaranteed acceptance policies, perfect if you have health concerns.

✅ Fixed Premiums – Your rate stays the same for the entire term.

✅ Fast Payouts – Unlike traditional life insurance, mortgage protection often pays the lender directly, avoiding probate delays.

Should You Get It?

If you’re the main income earner, mortgage life insurance can be a smart move—especially if you don’t have enough traditional life insurance to cover your home loan.

Pro Tip: Compare quotes from multiple insurers. Sometimes, a term life policy (which covers more than just your mortgage) is a better deal.

Next Steps

1. Check lender requirements – Some banks offer mortgage insurance, but it may be more expensive than third-party options.

   
   

2. Get a free quote – A 5-minute call with an agent can give you exact numbers.

   
   

3. Choose what fits your budget – Even $20/month could save your family from financial disaster.

Your home is more than just a house—it’s your family’s security. Protecting it doesn’t have to break the bank. Get a quote today and sleep easier knowing your loved ones are covered.