See mortgage protection options for your home in about 60 seconds.
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It is life insurance sized to what is left on your mortgage. If you pass away while the policy is active, it pays a benefit your family can use to pay off the home or keep up with the payments. Some policies also include living benefits, which may let you use part of the benefit early if you become seriously ill. What is available depends on the policy and the insurer.
Your family. The benefit goes to the people you name on the policy, not to your lender. They decide how to use it, whether that is paying off the mortgage or covering other bills.
Checking your options is free and there is no obligation to buy. A licensed agent will go over your options with you, and you decide whether anything is right for you.
Many people with health conditions still look at coverage. Options and prices depend on your age, your health and the insurer, so a licensed agent will go over what may be available to you. Approval and price are never guaranteed.
Private mortgage insurance (PMI) protects your lender if you stop making payments, and it is usually part of your loan. Mortgage protection is a policy you own that pays your family if you pass away. One protects the lender, the other protects your family.