Mortgage Protection Insurance Calculator (2024 Update)
Understanding Mortgage Protection Insurance
Mortgage protection insurance ensures that your mortgage will be paid off for your family if something happens to you or your income.
How Much Does It Cost?
Use our mortgage protection insurance calculator to instantly compare rates from over 15 different companies for free. If you’re on mobile, tap “Get Quote” to access the calculator.
How Does It Work?
- State: Rates vary by state, so enter your home state.
- Health Class: The best rates are for “preferred plus” health class, but this depends on a medical exam. Some companies offer no-exam policies, which are generally more expensive.
- Birthday: Younger applicants get more affordable rates, so don’t delay.
- Sex: Rates are generally higher for males.
- Nicotine Use: Smokers pay higher rates, especially if you’ve used nicotine in the last 12 months.
- Type of Insurance: Usually term length, but some policies offer lifetime coverage.
- Face Amount: This should cover your mortgage and possibly a bit extra for your family.
- Contact Info: We can help you explore all your options to find the best rate in your area.
How Much Does Mortgage Protection Cost?
The cost of a mortgage protection policy depends on factors like age, coverage amount, lifestyle, height, weight, and health conditions. Check our detailed post on mortgage protection quotes for more information.
Here are the preferred plus rates for a male at various ages and coverage amounts for a 10-year term:
| Age | $100,000 | $200,000 | $300,000 | $400,000 |
|---|---|---|---|---|
| 30 | $8.31 | $10.51 | $12.69 | $14.88 |
| 40 | $10.06 | $14.00 | $17.24 | $21.20 |
| 50 | $15.31 | $24.50 | $30.14 | $38.40 |
| 60 | $34.04 | $61.95 | $77.10 | $101.01 |
| 70 | $81.90 | $157.68 | $233.45 | $309.23 |
| 75 | $138.34 | $270.55 | $402.76 | $534.98 |
Rates increase significantly with age, so it’s best to secure coverage early.
How Long Does a Mortgage Protection Plan Last?
Mortgage protection policies typically have terms of 10, 20, or 30 years, with premiums locked in for the term duration. After the term, you can renew annually, but rates will increase. Most policies can be renewed until age 95.
Mortgage Protection Provider Reviews
While many well-known companies offer mortgage protection insurance, they may not offer the best rates due to high advertising costs.
- Best Options: Mutual of Omaha, Foresters Financial, American Amicable.
- Avoid: State Farm, Allstate, USAA.
Read our detailed reviews on these companies for more insights.
Summary
Mortgage protection insurance provides peace of mind by ensuring your mortgage and bills are covered if you pass away or become disabled. Use our calculator to compare rates from over 15 companies and find the best option for you.
For more information or to leave a comment, please contact us. We look forward to helping you!
FAQs
Mortgage protection insurance depends on your mortgage and health conditions, but generally, people pay somewhere between $30-$150 a month.
