Your Home Is Your Family's Foundation. Don't Let Them Lose It.
Your mortgage is likely the biggest financial obligation your family has. If something happened to you, could they keep making payments? Life insurance ensures your family stays in their home — no matter what.
What Happens to Your Mortgage If You're Gone?
Make sure your family keeps the home they love — compare rates free.
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Term Life Insurance vs. Mortgage Protection: Know the Difference
Your lender may offer mortgage protection insurance, but a standard term life policy is almost always a better deal. Here's why:
| Feature | RecommendedTerm Life Insurance | Mortgage Protection (MPI) |
|---|---|---|
| Beneficiary | Your family — they choose how to use it | Your lender only |
| Death benefit | Level — stays the same forever | Decreasing as mortgage is paid down |
| Cost | Lower for the same coverage | Higher per dollar of coverage |
| Flexibility | Funds can be used for anything | Only pays the mortgage |
| Portability | Stays with you if you move or refinance | Tied to your specific mortgage |
| Medical exam | Usually required (earns better rates) | Often guaranteed issue (higher rates) |
| Best for | Most homeowners — better value | Only if you can't qualify for term life |
How Much Coverage Do Homeowners Need?
Remaining mortgage balance
$200K–$500K+Enough to pay off your mortgage in full
Income replacement
10-12x annual incomeSo your family can cover property taxes, insurance, utilities, and maintenance
Family living expenses
5-10 years of expensesGroceries, healthcare, transportation, and daily needs
Future goals
VariesChildren's education, retirement for surviving spouse
Same Price Direct or Through Us — But We Compare 48+ Carriers
Life insurance premiums are regulated and identical regardless of where you buy. The advantage of working with an independent broker? We compare rates from 48++ A-rated carriers in minutes — something that would take you weeks to do on your own.
Resources for Homeowners
Coverage Calculator
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Complete Guide
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Homeowner Life Insurance FAQ
Do I need life insurance if I have a mortgage?
If anyone depends on your income to make mortgage payments, then yes — life insurance is essential. Without it, your family could lose their home. A term life policy that matches your mortgage term ensures the house is paid off if something happens to you.
How much life insurance do homeowners need?
At minimum, enough to pay off your mortgage balance. Most financial advisors recommend your mortgage balance plus 10-12x your annual income to cover ongoing expenses, property taxes, maintenance, and your family's other financial needs.
Is mortgage protection insurance the same as life insurance?
No. Mortgage protection insurance (MPI) only covers your mortgage and the benefit goes directly to the lender. A term life insurance policy gives your family a lump sum they can use for anything — mortgage, living expenses, education, or savings. Term life is almost always a better value.
Should my life insurance match my mortgage term?
Ideally, yes. If you have a 30-year mortgage, a 30-year term life policy ensures coverage for the entire loan. Some people choose a 20-year term if they plan to pay off the mortgage early or refinance.
What about mortgage protection insurance from my lender?
Lender-offered mortgage protection insurance is typically more expensive and less flexible than a standard term life policy. It only covers the declining mortgage balance, while term life provides a level death benefit your family can use however they need.
Can I get life insurance if I just bought a home?
Absolutely — and it's the best time to do it. You're likely at your youngest and healthiest, which means the lowest premiums. Many new homeowners lock in coverage within 30 days of closing.
Keep Your Family in Their Home
A term life policy that matches your mortgage costs less than you think. Get a free quote today.
Your Home Is Your Family's Foundation
60 seconds to protect the roof over their heads.
What brings you here today?
By submitting this form, you agree to be contacted by a licensed insurance advisor via phone, email, or text message. Standard messaging rates may apply. You may opt out at any time. Your information is protected and never sold or shared with third parties. See our Privacy Policy.
Important Disclosure
This content is for informational purposes only and does not constitute financial, tax, legal, or insurance advice. Individual circumstances vary. Consult with a licensed insurance professional or financial advisor before making any insurance or financial decisions. Policy features, benefits, and availability may vary by state and carrier.
Sources & References
- NAIC Consumer Guide to Life Insurance(Accessed Feb 2025)
- 2024 Insurance Barometer Study — LIMRA & Life Happens(Accessed Feb 2025)
- IRS Publication 525 — Taxable and Nontaxable Income(Accessed Feb 2025)
All sources cited are publicly available and were verified at the time of publication. Evolve Legacy Group is committed to providing accurate, up-to-date information. See our Editorial Standards for more information.