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Insurdinary finds, filters, and compiles mortgage life insurance quotes so you can view and compare plans side by side to find the right coverage for your needs at an affordable price.

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Insurdinary Helps Make Insurance and Mortgage Affordable for All

Buying a home is one of the most important financial decisions you will ever make. You likely spent weeks and months looking for the perfect house and work hard to make your mortgage payments every month.

If you’re anything like most Americans, this hasn’t been easy. According to the Mortgage Bankers Association (MBA), the national median mortgage payment for new applicants increased from $1,941 in September 2022 to $2,012 in October 2022.

The MBA’s Purchase Applications Payment Index (PAPI), which tracks how new monthly mortgage payments evolve relative to income, isn’t looking great either.

A higher PAPI indicates a decline in homebuyer affordability. The national PAPI reached a record score of 167.9 in October 2022, surpassing the previous high of 164.2 in May 2022. This represents a whopping 36% increase in the first ten months of the year!

With home prices this high, you want to ensure that your house will stay in the family even after you’re gone.

Insurdinary gives you access to mortgage life insurance that can protect your home and won’t break the bank.

Mortgage life insurance — also known as mortgage protection insurance — is a life insurance policy that pays down your mortgage and associated costs after you pass away. You pay monthly or annual premiums while you're alive, and when you're gone, the policy pays out to protect your family from losing the home or having to cover the outstanding mortgage balance.

Note that mortgage life insurance is not the same as regular life insurance. The policy’s beneficiary is the bank or mortgage lender, not your family, so your heirs won’t receive a death benefit if you pass away during the term of the policy. The entire insurance payout will go toward paying down the mortgage.

3 Easy Steps to a Mortgage Life Insurance Plan

Fill out our short questionnaire to tell us about yourself, your home, and your needs, and we’ll give you a list of plans that match your budget.

Compare options side by side, including eligibility criteria, coverage types, and optional life insurance riders, such as living benefits or return of premium.

Get custom quotes for relevant mortgage life insurance plans. You can also see how prices change as you add or remove coverage options.

Insurdinary insurance representative smiling

How Mortgage Life InsuranceWorks

You can get mortgage life insurance when you buy your home or within a specified period after that (deadlines vary across providers). You can buy your plan from:

The mortgage lender
A lender-affiliated insurance company
An independent insurance company

Oftentimes, unaffiliated insurers will contact you proactively after finding out about your mortgage in public records.

The term or length of the insurance will be equivalent to the number of years remaining on the mortgage, with the premiums remaining the same during the term and the policy value decreasing as you gradually pay off the loan.

Your bank or mortgage lender will be the policy’s beneficiary, which means that if you pass away, your insurance company will pay the lender the outstanding loan balance.

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4 Reasons Housing Is So Expensive

Buying a home in today’s economy is no small feat. With so much at stake, you want to be able to protect your investment even after you are gone — and without breaking the bank.

Insurdinary filters multiple mortgage life insurance policies from an extensive network of providers to match you with a plan that meets your needs and fits your budget.

But why are homes so expensive to begin with?

Illustration Personal Life And Wellbeing

Here are the reasons why:

Sky-high inflation

In June 2022, the consumer price index hit a 9.1% year-over-year increase, the highest in over 40 years. Naturally, home prices followed suit: According to the St. Louis Federal Reserve, the median home price in the U.S. increased from $369,800 in the first quarter of 2021 to $423,600 by the first quarter of 2022 — a jump of more than 15%.

Rising interest rates

In response to the spiking inflation, the Federal Reserve started to raise interest rates. This, in turn, led to higher mortgage rates, which are determined by inflation and interest rates. Freddie Mac reported that the average rate on a 30-year fixed-rate mortgage has nearly doubled between June 2021 (2.8%) and June 2022 (5.52%).

Stagnant wages

Wages haven’t kept up with inflation. A 2022 study by the National Association of Realtors found that households with annual income between $75,000 and $100,000 couldn’t afford half of active home listings.

Housing shortages

Prices aside, there just aren’t enough homes to go around. The demand is continuously increasing, especially as millennials have entered the home-buying market. Yet, fewer homes were built in the 2010s than in any decade since the 1960s. According to Freddie Mac, the U.S. has a deficit of a whopping 3.8 million housing units.

Mortgage Life Insurance: Comparisons

Mortgage life insurance isn’t the only way to protect your home investment after you are gone. Depending on your needs, other types of life insurance may be a better fit:

Mortgage Life Insurance

Mortgage life insurance pays off your mortgage if you pass away within the term of the policy.

The policy’s beneficiary is always the bank or mortgage lender. Your family doesn’t get a death benefit, and the payout cannot be bigger than your outstanding mortgage balance and related costs.

Mortgage life insurance can be a good fit if you want to ensure your home will stay in the family after you die but don’t qualify for traditional life insurance.

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Term Life Insurance

Term life insurance provides coverage for a specific period, typically between 10 and 30 years.

If you pass away during that time, your chosen beneficiary will receive a payout. They can use the funds to pay down your mortgage or for any other purpose.

Term life insurance is more flexible than mortgage life insurance and usually more economical than whole life insurance, but there is only a payout if you pass away during the policy’s term.

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Whole Life Insurance

Whole life insurance is similar to term life insurance, with the exception that it covers you for the rest of your life.

The premiums stay consistent throughout, and the death benefit to your beneficiary is certain.

Whole life insurance tends to be more expensive because it is an investment. The policy’s cash value grows throughout your lifetime tax-free.

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Choosinga Mortgage Life Insurance Policy

You may get offers for mortgage life insurance from your lender or third-party insurers when you buy a home. However, if you shop around to see what else is out there, you can find better deals, but it can be hard to do on your own. Many life insurance companies don’t offer quotes online, so if you want to compare policies, you’d have to speak to someone directly.

Another thing to keep in mind is that most mortgage life insurance plans have optional add-ons called riders. You can mix and match riders to build a more comprehensive custom policy. Insurers don’t offer the same riders, so it’s important to check that they have a policy that can meet your needs.

Do You Need Mortgage Life Insurance?

Your bank or lender may or may not require you to buy mortgage life insurance when you buy a home. However, with inflation and housing costs soaring to all-time highs, you should seriously consider having a backup plan. The right policy protects your home and gives you and your family much-needed peace of mind.

Here are four reasons mortgage life insurance may be a good fit for you:

There Is No Life Insurance Medical Exam

Unlike term and whole life insurance, mortgage life insurance is lighter on the red tape and doesn’t typically require a medical exam, bloodwork, blood pressure readings, and weight check. There may be no health-related questions, either.

If you have pre-existing medical conditions that make getting life insurance costly or impossible, mortgage life can be a suitable alternative.

You Can Add Riders To Customize Your Policy

Most providers give you the option to add life insurance riders to your mortgage life insurance plan, such as:

Accelerated death benefit: The insurance company will advance you a considerable portion of the death benefit if you are diagnosed with a terminal illness with a life expectancy of 12 months or less.
Disability income: The insurer will pay you a monthly benefit to help replace lost income due to disability.
Critical illness: This rider is similar to the accelerated death benefit, except the advance is triggered by the type of illness rather than your life expectancy.
Term conversion: Term conversion allows you to convert all or some of your term insurance to permanent insurance, such as whole life or universal life insurance, without having to establish insurability.
Return of premium: If you outlive the policy’s term, the insurer will return all premiums paid on your policy in a tax-free lump payment. You can use the funds in any way that you’d like.

Everyone Qualifies for Mortgage Life Insurance

You do not have to undergo a medical exam or meet other requirements other than to have a mortgage.

That said, the minimal scrutiny and underwriting come at the price of higher premiums, so be sure to look into alternative options such as conventional life insurance as well.

You Get Peace of Mind

With mortgage life insurance, you can rest assured that your home will stay in the family and your mortgage will be taken care of even after you are gone.

With other types of coverage, your beneficiaries may or may not use the payout to pay off the mortgage.

Why Choose Insurdinary for Mortgage Life Insurance Quotes?

Getting mortgage life insurance quotes and making sense of all the riders can be challenging on your own. At Insurdinary, we do all the hard work for you. We scour our provider network for options that fit your requirements and match you with a perfect plan that provides the coverage you need without breaking the bank.

Who said you need to spend days and weeks searching and comparing quotes?

At Insurdinary, we put together numerous options from top providers in one place and display them on your screen within minutes, not days.

Insurdinary works with an extensive network of top insurance providers.

This allows us to present you with a wide array of coverage options at affordable rates.

Insurance equals paperwork, right? Not anymore. With Insurdinary, you can apply for a plan online in a few simple steps.

And the best part is that our service is 100% free of charge!

Choose the Right Riders for You and Your Family

Choosing a mortgage life insurance policy can be complicated. You can choose between multiple riders, and not all providers offer the same benefits. Your budget, health status, and lifestyle needs also play a big role in the decision-making process.

At Insurdinary, we help you make the right call by presenting you with customized options based on your profile. This way, you can get the coverage you need without paying for benefits you don't need.

When you compare Insurdinary mortgage life insurance quotes, you can choose among the following riders:

Accelerated death benefit

Disability income

Critical illness

Return of premium

Term conversion

And more...

Additional benefits may be available depending on the provider.

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How to Choose and Customize the Right Mortgage Life Insurance Plan

At Insurdinary, we make it easy to make the right choice for mortgage life insurance by finding quotes from leading insurance providers. Here are key aspects to consider when navigating available plans:

How Costs Are Calculated

Unlike regular life insurance policies, your health doesn’t affect the pricing of mortgage life insurance. This increases the risk for the insurer, as they have no way of knowing whether you have undiagnosed or pre-existing conditions, so premiums tend to be higher.

This isn’t necessarily bad news. If you have pre-existing conditions, a mortgage life insurance policy could be a good fit and more economical than conventional life insurance.

Another thing to keep in mind is that with most policies, the premiums stay the same, but the death benefit decreases in proportion to the outstanding mortgage balance. Other factors that affect pricing include:

Your mortgage amount
The years remaining on your mortgage
Your age and gender
The insurance company

Insurance providers use different risk analysis models, so there can be significant cost differences even if the plans are nearly identical.

How to Find Affordable Plans

The best way to find an affordable mortgage life insurance plan is to compare as many quotes as possible.

If you approach a single provider, chances are you sign up for an expensive plan, complete with benefits you don’t need that further ramp up the price.

Unfortunately, you can face challenges even if you try to do your due diligence and get source quotes from multiple providers.

A surprising number of life insurance companies don’t offer quotes online. If you want to find and compare different policies, you’d have to call and speak to a representative directly. This takes a lot of time and effort and doesn’t guarantee that you’ll get the best offers.

This is where Insurdinary comes in. We make it easy to compare multiple plans and find the best policy for your needs. Simply fill out our questionnaire, and we’ll deliver a list of customized insurance quotes from top providers straight to your inbox in just a few minutes.

How to Keep Insurance Costs Low

Comparing multiple quotes with Insurdinary is the best way to get the coverage you need at a reasonable price.

Another way to keep your costs down is to only add the riders that you need. Some riders may be built into your core plan, but most come at an extra cost.

Finally, be sure to look into alternative insurance plans. If you are in generally good health, a term life insurance policy may provide you with the same coverage as mortgage life insurance but with fewer restrictions and at a lower price.

Mortgage Life Insurance
Frequently Asked Questions (FAQ)

Read the answers to frequently asked questions about mortgage life insurance:

How do I choose the right mortgage life insurance plan?

The sheer number of providers, plans, and benefits can easily make you feel overwhelmed and unsure whether you’ve made the right call. But, at the end of the day, it all comes down to whether you have enough coverage for your needs and whether you can afford it.

At Insurdinary, we make it easy to find the right plan for you, your home, and your family. By presenting you with multiple options in one place, we enable you to compare life mortgage insurance plans side by side and make the right choice for your lifestyle and budget.

What does mortgage life insurance cover?

Mortgage life insurance covers your outstanding mortgage balance and any associated costs in the event that you pass away within the policy’s term. The payout goes toward paying down your home loan so the property can stay in your family without burdening your heirs with mortgage payments.

Most providers also offer various benefits or riders, such as disability income or accelerated death benefit, in addition to the basic plans. With Insurdinary, you can compare different plans and see how the premiums go up or down when you add or remove riders.

How can I save money on mortgage life insurance?

There are a number of ways in which you can keep your insurance costs down, including:

Compare quotes: Use Insurdinary to shop around extensively and compare rates in one place before committing to a plan.
Ask for discounts: Insurance companies often offer discounts based on lifestyle and other factors. Be sure to check whether any special rates or offers are available.
Bundle your coverage: By buying multiple insurance policies from the same company, you can often get significant discounts. For instance, if you already have a life insurance policy with one provider and buy a home while accumulating other big expenses, such as child education costs, consider getting mortgage life insurance from the same company. Your current life insurance death benefit may not be enough to cover the new mortgage payments and your expenses. As a bonus, you may be able to get a discount for bundling your policies.

How long does Insurdinary take to generate my mortgage life insurance quotes?

You will have your quotes within minutes! Just fill out our short questionnaire, and we’ll send you mortgage life insurance quotes from top providers straight to your inbox.

Save Money on Mortgage Life Insurance
With Custom Quotes

Get personalized mortgage life insurance coverage that takes care of you, your family, and your home without breaking the bank. With Insurdinary, you easily compare quotes online and customize your chosen plan to ensure a perfect fit.

No deposit necessary • Only pay when you sign up for a policy • No added fees

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Eric Clementi was very helpful

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very easy and polite to deal with

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While the customer service agents were great and very helpful - Maria and Eric -Trying to get access to the documents was extremely frustrating. Entered the password at least 6 times all rejected. Want info before I leave.. don’t want to deal with this in the event of an emergency

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I was treated with the upmost respect and kindness by Dornaz. Very professional.Thank you so much

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The lady (Christine) who we spoke to about the health/dental insurance was very helpful and friendly. She was very knowledgeable. She was very pleasant and made the whole conversation easy. She was very easy to understand. Thanks

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I called for a quote on getting travel insurance for my upcoming trip to the US, Dornaz from Alliance Income was such a pleasure to deal with! She was thorough and got me a great deal, I will definitely recommend her and the company to others.

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Great service. Quick and efficient quote and very well priced. Sehar B. was excellent to deal with.Allianz was the first to send out the quote from a list of companies I contacted.

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Filipe P. was my Allianz Rep. on this Emergency Medical trip insurance transaction. I had a great experience booking this insurance through Felipe. He was very courteous, efficient and helpful and provided me with all the information I needed to complete the transaction. Thank you Filipe for being a very good representative for your Company.

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Azaria was very helpful as she explained every step in a way I could understand. Eric was equally as knowledgeable and helpful. Thanks again Azaria and Eric.

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It was quick and painless. The girl that took care of me was well spoken and knowledgeable. I would definitely deal with this company again.

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Twice today, I interacted with Daniel, insurance agent extraordinaire. He found insurance for my husband, who has a few health problems. We also discussed various ways of making the policy more cost effective. I feel very comfortable discussing various ins and outs of my policy. He always let's me know all the things I need to know so that I don't run onto trouble of any kind. Our insurance this time is with Allianz.

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Terrible! I wouldn’t even leave a star, but you have to at least choose one!I had submitted an insurance policy, and as it was still pending, I cancelled (a few hours later) - over email. I did not receive an email back! I have since sent 2-3 more emails and inquiries from their website to cancel the pending policy. No response!I go on my online banking, and was charged 100+ dollars (which is what I was trying to avoid). I tried to inquire about it, no response!On top of that, I got charged the money - and have not been contacted by a single broker, have not received a single package, have not received any information whatsoever, so basically I got charged money for nothing!Terrible! I do not recommend!

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Get Mortgage Life Insurance Quotes and Compare

Insurdinary Helps Make Insurance and Mortgage Affordable for All

3 Easy Steps to a Mortgage Life Insurance Plan

1. Find a Plan

2. Choose a Custom Plan

3. Get Quotes and Apply

How Mortgage Life InsuranceWorks