Mortgage Protection Insurance

Your mortgage is the biggest bill your family carries every month. If you die, this coverage pays it off, so nobody has to sell the house or raid a retirement account to keep up.

Then you have your number, and you decide what to do with it. Get your Canopy Number in about a minute.

What mortgage protection insurance actually does

Mortgage protection pays your beneficiaries a benefit that lines up with your mortgage balance. Because the policy follows the loan, many carriers offer simplified approval, and a few skip health questions altogether. You also find it sold as mortgage life insurance, and the two names describe the same product. Some policies hold a level benefit for the whole term, and others step down as your loan balance falls. Ask which structure you are looking at, because it changes the price and the payout.

Do you need it, or does term life fit better?

Both products pay your family when you die. The difference sits in how much control you want. Mortgage protection keeps things simple, because the benefit tracks the loan and approval usually moves faster. Level term gives you the wheel, because you choose the amount and you keep the policy even if you refinance or sell. If you want the lowest cost per dollar of coverage and you can answer a few health questions, term usually wins. If the loan is the main worry and you want the shortest path to approval, mortgage protection usually wins. Either way, an agent can quote both and let you compare.

How much coverage do you need?

Start with the balance on your loan, and then add the other obligations your family would face without your income. Our calculator handles that math in about a minute, subtracts the savings and coverage you already hold, and shows you the difference. Open the Canopy Number calculator.

What drives the price

Your age, your health history, the coverage amount and your state move the price. Carriers also price mortgage protection differently from term, so the cheapest option for your neighbor may cost you more. Because rates change with every birthday, the quote you get today beats the quote you get next year. Gather two real quotes before you decide, and you will see the spread for yourself.

Questions people ask before they buy

• Is mortgage protection the same as PMI? No. PMI protects your lender, and this protects your family.
• Does my lender require it? No, although plenty of people assume their escrow payment already includes it.
• Can I get coverage when my health is not perfect? Many carriers offer no exam options, and some ask no health questions at all. Your agent checks what is available in your state before you apply.
• What happens when I sell the house or refinance? You keep the policy, adjust the coverage or convert it. You own the policy, not the bank.
• Does it cover a spouse who does not work outside the home? Yes. The mortgage still needs paying either way.

Two ways to move forward

Run the numbers first, and then talk with an agent if you want a second opinion. The calculator takes about a minute, and it shows your Canopy Number on the next screen. From there, an agent compares carriers and brings you real rates.

Prefer to talk it through first? Call (208) 996-3578 and a licensed agent will walk you through the same questions.

Canopy Insurance Partners is licensed in Idaho, Washington, Oregon, Georgia, Tennessee, Texas, Mississippi and Arkansas. Coverage and rates depend on the carrier, your age, your health and your state. We are not affiliated with any government agency. By submitting your information you agree that we may contact you by phone, email or text about life insurance options, and you can opt out at any time.