Top 3 Best Mortgage Protection Insurance Companies In 2023
Posted in Mortgage Protection Insurance last updated on February 18, 2023Fill out our quoter to compare rates among all of the top insurance companies.
There are many different mortgage protection insurance companies out there it can be hard to know if you are getting a good price or product.
Luckily you’ve come to the right place.
Seniors Mutual is an independent agency that works with all of the top mortgage protection insurance companies.
These are our top picks for the best mortgage protection insurance companies in 2022 taking into account price, customer reviews, and financial stability.
Table Of Contents
- Mortgage Protection Insurance Explained
- Foresters Financial
- Mutual Of Omaha
- American Amicable
- Worst Mortgage Protection Companies
- Summary
Mortgage Protection Insurance Explained
There is a lot of misinformation about mortgage protection insurance out there, probably because there are so many different types of products.
Mortgage Protection Insurance:
- Coverage does NOT decrease over time
- Level premiums for a term length
- Follows you if you move
- Medical exam and non-medical exam policies available
There are other types of mortgage protection insurance out there that do not do the above, but we recommend staying with policies like these.
Here are the best mortgage protection insurance companies.
1) Foresters Financial
Age Range: 18-80
Minimum Coverage Amount: $50,000
Underwriting: Medical & Non-Medical Exam Available
A.M. Best Rating: A
| Pros | Cons |
|---|---|
| ✅ Super Low Rates | ❌ Strict With Height/Weight Chart |
| ✅ Additional Member Benefits | |
| ✅ Great Customer Service/Reviews | |
| ✅ Large Coverage Amounts Available |
Foresters Financial is a fantastic company to get mortgage protection insurance from for many reasons. They have some of the lowest rates available and great financial ratings.
They also come with additional member benefits that other companies do not such as will planning and scholarships for orphans and education.
Foresters also offers all types of fully underwritten term, non-medical term, whole life, and final expense policies to meet a wide variety of needs.
Fill out our quoter to compare prices from Foresters Financial and others.
2) Mutual Of Omaha
Age Range: 18-80
Minimum coverage Amount: $50,000
Underwriting: Medical Exam & Non-Medical Exam Available
A.M. Best Rating: A+
| Pros | Cons |
|---|---|
| ✅ Superior Financial Ratings | ❌ Application Can Take Time |
| ✅ Very Low Rates | |
| ✅ Liberal Height/Weight Chart | |
| ✅ Large Coverage Amounts Available |
Mutual of Omaha is another great mortgage protection insurance company with very low rates.
They offer both medical and non-medical policies if you want something fast.
Mutual of Omaha is also one of the few companies out there with an A+ rating with A.M. Best, a financial rating company.
Mutual of Omaha also offers a wide variety of life and health products such as fully underwritten term and non-medical exam term, whole life, universal life, and final expense.
Fill out our quoter to compare Mutual of Omaha and others.
3) American Amicable
Age Range: 18-75
Coverage Amount: $50,000-$500,000
Underwriting: Non-Medical Exam Only
A.M. Best Rating: A
| Pros | Cons |
|---|---|
| ✅ Instant Decision | ❌ No Fully Underwritten Medical Exam Policies |
| ✅ Lowest Non-Medical Rates Available | |
| ✅ Easy Application | |
| ✅ Accepts most people |
American Amicable is our top choice if you want to go with a non-medical exam policy for instant coverage.
They have the lowest rates if non-medical exam is the route you want to go for mortgage protection insurance.
While American Amicable has great financial ratings, their maximum face amount is only $500,000, so if you are looking for other coverage you will have to go with a different company.
American Amicable also offers many other life products such as term, payment protector, and final expense life insurance.
Fill out our quoter to compare American Amicable and other companies.
Worst Mortgage Protection Insurance Companies
If you wondering about other popular or well-known mortgage protection insurance companies you should know that the big companies you see on T.V. are rarely the best option for you or a loved one.
Who do you think is paying for all of that T.V. advertising?
You the policyholder.
Worst mortgage protection companies:
Just to name a few. Their rates are above-average and have poor customer reviews. And I say that as a USAA member!
Summary
Mortgage protection insurance doesn’t have to be complicated.
Contact us today to make an informed decision on protecting your loved ones from the mortgage and save the most money.
Seniors Mutual is an independent agency so we can find the best rates and best product for you.
We look forward to speaking with you!
6 Comments
Rachel Griffith
I am 70 years old and we just entered into a mortgage for a new home. My husband is 6 years old and had neck surgery 10 years ago and has been collecting disability since. We can not afford hundreds of dollars a month for life insurance to cover or partially cover the mortgage.
Do you have any suggestions?
Respectfully, Rachel Griffith
Kelly Maxwell
Hi Rachel, we sent you an email with more information. Thanks for reaching out!
Lisa
Hi my name is lisa I am inquiring about mortgage protection insurance for my husband.
Kelly Maxwell
Hi Lisa, we sent you an email with more info.
Richard Plumlee
I recently obtained a VA home loan and was wanting information on mortgage insurance that would pay off my mortgage should I pass away. My wife is also on the mortgage
Kelly Maxwell
Hi Richard we sent you an email with more info. Thanks for reaching out.