Terms matched to your loan
Choose a term, commonly 10, 15, 20, 25, or 30 years, that lines up with what's left on your mortgage, so your coverage lasts as long as the debt does.
Mortgage Protection Insurance
Keep the house in the family, no matter what.
Mortgage Protection Insurance is life insurance sized to your mortgage. If you pass away, it pays your family, not the bank, so they can pay off the house, keep making payments, or use the money however they need.
- Death benefit paid to your beneficiaries, generally income-tax-free
- Terms matched to your loan, with living benefits on many plans
- Often no medical exam, and it goes with you if you refinance or move
- Independent agency: we shop hundreds of insurance companies for you
Who gets the check?
Not all “mortgage insurance” protects your family
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Mortgage Protection InsurancePays your family directly. They decide how to use it.
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Lender mortgage life / credit lifePays your lender, and the payout usually shrinks with your balance.
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PMIProtects the lender if you default. Pays nothing if you die.
About 3 minutes · No obligation
Compare all three
How it works
Your mortgage doesn't go away. Neither should your family's home.
If the person paying the mortgage passes away, the payment is still due next month. Mortgage Protection Insurance makes sure your family has the money to handle it.
It's a life insurance policy with the coverage amount and length set to match your mortgage. You choose the beneficiaries, usually your spouse or children. If you pass away during the term, the insurance company pays them the death benefit, generally free of income tax.
Your family can pay off the loan in full, keep making the monthly payment and put the rest toward everyday bills, or save it for the kids' future. Because the money goes to them and not the lender, they stay in control.
Example: $250,000 level term policy
$250,000
paid to your family. Say you owe $210,000 with 26 years left and pass away in year five.
Mortgage balance by year fiveabout $192,000
Death benefit paid to your family$250,000
Left for your family after paying off the houseabout $58,000
With decreasing lender coverage instead$0 to your family
Illustrative example only, assuming a 6.5% fixed rate. Not a quote. Actual coverage, premiums, and benefits depend on the plan and underwriting.
What you get
More than a payoff. Protection you control.
Mortgage Protection plans can be built around your loan, your budget, and what worries you most. Here's what you can choose from.
Living benefits
Many plans let you access part of your death benefit early if you're diagnosed with a qualifying critical, chronic, or terminal illness. Riders and availability vary by plan and state.
Return-of-premium option
Outlive the term and some plans refund the premiums you paid. It costs more each month, so we'll show you the price with and without it, side by side.
Disability & job-loss riders
Where available, optional riders can help cover your mortgage payment or waive your premium for a limited time if you become disabled or involuntarily lose your job.
Portable: it goes where you go
The policy belongs to you, not your loan. Refinance, sell, or move and your coverage stays put, with no new application needed to keep it.
Level benefit, your beneficiaries
With level term coverage, your benefit stays the same even as your balance drops, so there's more left for your family every year you pay down the loan.
Side by side
Mortgage Protection vs. lender mortgage life vs. PMI
Three products with similar names that do very different jobs. The biggest question is simple: who gets the money?
Swipe to see the full table
| Feature | Mortgage Protection InsuranceLife insurance you own | Lender mortgage life / credit lifeOffered through your lender or servicer | PMIPrivate mortgage insurance |
|---|---|---|---|
| Who gets paid | Your beneficiaries, directly | Your lender | Your lender |
| Whom it protects | Your family and their ability to stay in the home | The lender's loan balance | The lender, if you stop making payments |
| Pays if you die? | Yes, the full benefit to your family | Typically pays off the remaining balance to the lender | No |
| Does coverage shrink? | Not with level term. Your benefit stays the same. | Usually, as your balance goes down, while the premium often doesn't | Not applicable. It can usually be removed once you build enough equity. |
| Portable if you refinance, sell, or move? | Yes. The policy is yours. | Usually ends when the loan is paid off or refinanced | No. It's tied to the loan. |
| Living benefits & riders | Available on many plans | Rarely offered | No |
| Who decides how the money is used | Your family | The lender applies it to the loan | The lender |
General comparison for education. Features vary by policy, lender, loan type, and state. FHA loans use a mortgage insurance premium (MIP) rather than PMI, and it works similarly: it protects the lender. Mortgage Protection Insurance is life insurance; Magnolia Assurant Group is not affiliated with your mortgage lender.
Just closed on a home?
Got a Mortgage Protection letter in the mail?
New homeowners often get official-looking letters about "mortgage protection," sometimes with your lender's name and loan amount printed right on them. They usually come from insurance marketers who use public mortgage records.
Those letters aren't from your lender, and neither are we. What we are is a licensed, independent agency with a real office in Water Valley. Respond here instead and work with someone local who shops hundreds of insurance companies for you and explains your options in plain English, with no call-center transfers.
- Keep the letter handy. The loan amount on it helps us size your coverage.
- Already mailed back a reply card to someone else? You can still compare.
- No pressure. Your advisor will text or call you shortly with real numbers, and you decide.
Magnolia Assurant Group is not affiliated with, endorsed by, or acting on behalf of your mortgage lender or loan servicer. Mortgage Protection Insurance is optional life insurance. It is not required to get or keep your mortgage.
Who it's for
If someone counts on your paycheck, this is for you
New homeowners
The best time to lock in coverage is right after closing, while you're younger and your rate is lowest.
Single-income families
If one paycheck covers the mortgage, losing it could mean losing the house. Coverage keeps it paid.
Co-borrowers
Two names on the loan usually means two incomes are needed. Cover each of you so neither is left carrying it alone.
Parents
Keep your kids in their home, their school, and their routine, even on the hardest day of their lives.
Free calculator
How much Mortgage Protection do you need?
Enter your balance, monthly payment, and years left. You'll get a suggested coverage amount in seconds, and one tap sends it to your advisor for a real price.
Also want to cover income, debts, and college? Try the life insurance needs calculator.
Getting covered
From quote to covered, without the runaround
Tell us about your home & health
Your mortgage balance, payment, and a few health questions. It takes about three minutes, and no Social Security number is needed for a quote.
We shop hundreds of companies
Your advisor compares plans from hundreds of insurance companies, then texts or calls you shortly with clear options, including prices with and without living benefits or return of premium.
Apply, often with no exam
Many plans use simplified underwriting, just a phone interview and health questions. If a plan needs an exam, we'll tell you up front.
Questions
Mortgage Protection, answered
Is Mortgage Protection Insurance the same as PMI?
No. PMI (private mortgage insurance) protects your lender if you stop making payments, and it's often required on conventional loans with less than 20% down. It pays nothing to your family if you die. Mortgage Protection Insurance is life insurance that you own, and it pays your beneficiaries. Many homeowners have PMI and still need Mortgage Protection.
Who gets paid when I die, my family or the bank?
Your family. The death benefit goes to the beneficiaries you name, generally income-tax-free. They can pay off the mortgage, keep making the monthly payments, or use part of the money for other needs. The choice is theirs, not the lender's.
What happens if I refinance, sell, or move?
Your coverage stays with you. Mortgage Protection Insurance is a life insurance policy you own, not part of your loan, so refinancing or selling doesn't cancel it. If you buy a bigger home, we can add coverage to match the new mortgage.
Do I need a medical exam?
Often not. Many Mortgage Protection plans use simplified underwriting: you answer health questions and there's no needles or lab visit. Whether you qualify for a no-exam plan depends on your age, health, and the amount of coverage. If a plan with an exam would save you money, we'll tell you.
How much does Mortgage Protection Insurance cost?
It depends on your age, health, tobacco use, the coverage amount, the term length, and any riders you add, like return of premium or living benefits. Many families are surprised how affordable it is, especially when they apply soon after closing, while they're younger. The quickest way to know is a free quote, which takes about three minutes.
Do you only work with one insurance company?
No. Magnolia Assurant Group is an independent agency with access to hundreds of insurance companies. Mortgage Protection plans vary widely in price, living benefits, and how they view health conditions, so we shop many companies and show you the best fits side by side.
I have life insurance through work. Isn't that enough?
Maybe not. Group life through an employer is often only one or two times your salary, which may not cover a mortgage plus your family's other needs. It also usually ends or becomes much more expensive if you leave the job, retire, or get laid off. A policy you own stays in place no matter where you work.
Can we cover both borrowers?
Yes. If two of you are on the mortgage, or you both contribute to the payment, you can each have your own policy, or in some cases a joint policy. Two individual policies usually offer the most flexibility, since coverage continues for the surviving spouse after the first claim.
What if I pay off my mortgage early?
Congratulations. Your policy doesn't end just because the loan does. You can keep it as regular life insurance for your family, reduce the coverage to lower your premium, or cancel it. If you chose a return-of-premium plan, keeping it to the end of the term is how you get your premiums back.
I got a Mortgage Protection letter that mentions my lender. Is it from my lender?
Almost always, no. Those letters are usually sent by insurance marketers using public mortgage records, which is why they may mention your lender and loan amount. Magnolia Assurant Group is not affiliated with your lender either. We're a licensed local agency, and you're welcome to respond to us instead.
What if I'm older or have health conditions?
You may still have good options. Plans differ in how they view conditions like diabetes, high blood pressure, or past heart issues, and some offer simplified or guaranteed-issue coverage. Share your situation in the quote form and your advisor will point you toward the plans most likely to approve you.
Free Mortgage Protection quote
Make sure home stays home.
Answer a few quick questions and see real numbers from a local advisor. It takes about three minutes, and there's no obligation.