Your guide to
Mortgage Protection in Texas
Mortgage protection is life insurance sized to your home loan, so your family could use the benefit to stay in the home if you pass away. Our agency helps you understand how it works and how it compares with other life coverage.
What it covers
How mortgage protection works
Mortgage protection is not a product from your lender. It is a use of life insurance, with coverage chosen to match what you owe on your home.
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Sized to your mortgage
The coverage amount is based on your mortgage balance, and the term is often chosen to match the years left on the loan.
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Paid to your beneficiaries
The death benefit generally goes to the beneficiaries you name, not the lender, so your family decides how to use it.
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Not the same as PMI
Private mortgage insurance (PMI) protects the lender if a loan is not repaid. Mortgage protection is life insurance that protects your family.
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Level or decreasing coverage
Some policies keep the same death benefit for the whole term, while decreasing term policies lower it over time as the loan balance drops.
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Coverage stays with you
Because it is your own life insurance policy, it generally does not end if you refinance, sell the home or change lenders.
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Optional riders
Depending on the policy, riders may add benefits, such as waiving premiums if you become disabled.
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Why it matters
Help your family stay in the home
For many families, the mortgage is one of the largest monthly bills. If a person whose income helps pay it passes away, the rest of the household may struggle to keep up with the payments.
A life insurance policy sized to the mortgage can give your beneficiaries money to pay down the loan, keep up with payments or cover other needs. Comparing a mortgage-focused policy with a broader term life plan helps you decide how much coverage makes sense.
Your family may need more than the mortgage balance, so it helps to consider income, debts and other costs too.
Answers
Mortgage protection questions
Straight answers to common questions. If yours is not here, call or text our agency.
No. Lenders generally require homeowners insurance and may require private mortgage insurance, which protects the lender. Mortgage protection is optional life insurance that protects your family.
Generally, no. The death benefit is usually paid to your beneficiaries, who can choose to pay off the loan, keep making payments or use the money for other needs.
Many people use a term life policy with a coverage amount and term length chosen to match their mortgage. We can help you compare that approach with other options.
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Tell us what you need
Your name, a number that reaches you, an email, and a few quick questions about the coverage you pick. Our team reviews it and calls you back.
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Next step
Let’s review your needs to find the coverage that fits you.
Request a quote online, or call or text our agency. If your current policy already fits, we will tell you that too.