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Before you buy, compare
Understand premiums, limits and what’s covered.
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Questions homeowners ask
Straight answers before you talk to anyone.
PMI or mortgage protection?
They’re two different products that protect two different people.
Paying for PMI doesn’t mean your family is covered.
Is mortgage protection required?
Mortgage protection life insurance is optional coverage you choose for your family. It isn’t the same as the mortgage insurance a loan can require.
What your loan may require is different: PMI on many conventional loans, mortgage insurance on FHA loans, and homeowners insurance. Those protect the lender or the house, not your family.
Who gets the insurance benefit?
It depends on the policy, so it’s worth asking before you buy.
- Some mortgage policies pay your lender directly.
- A life insurance policy pays the people you name as beneficiaries. They decide how to use it: the mortgage, other bills, or anything else.
Ask how the benefit is paid and whether it stays the same or goes down as your loan balance drops.
Can coverage move with you?
A life insurance policy belongs to you, not to your loan. It generally stays in place if you refinance, sell or move, as long as you keep paying the premiums.
Coverage bought through a lender can work differently, so ask what happens if you refinance or move before you sign.
How much coverage do you need?
Many people start with what’s left on their mortgage, then think about:
- How many years are left on the loan
- Other bills your family would still have
- Whether you want the benefit to stay level or go down with the balance
A licensed agent can show a few amounts and prices side by side, for your age and budget.
Is mortgage protection worth it?
It depends on your family, your savings and the coverage you already have.
Compare it with a regular term life policy and any life insurance you get through work. Look at the monthly cost, how long coverage lasts and who gets paid. Some people find one policy covers both their mortgage and their family.
What should you compare before you buy?
- Premium: what you’ll pay each month, and whether it can go up
- Benefit: does it stay level, or go down as your balance drops?
- Who is paid: your lender, or the people you choose
- Length: when coverage ends, and whether it matches your loan
- Health questions: whether there’s a medical exam or a waiting period
How a call works
No pressure, no obligation.
- Tell us about your homeYour loan balance, the years left and your budget.
- We compare carriers for youA licensed, independent agent checks several insurance companies.
- You decideSee your options and prices, then take your time.
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Eterna Insurance Solutions is a licensed, independent insurance agency, not an insurance company, and is not affiliated with your mortgage lender or any government agency. Mortgage protection is optional life insurance. It is not PMI. Coverage, prices and availability vary by age, health, state and insurance company. A licensed agent will explain the details of any policy before you apply. Calls may be recorded for quality and training.