Mortgage Protection Insurance Calculator (2023 Update)
Posted in Mortgage Protection Insurance last updated on April 16, 2023
Mortgage protection insurance insures that there is money to pay off your mortgage for your family if something ever happened to you or your income.
So how much is it?
This page has a mortgage protection insurance calculator that compares 15+ different mortgage protection insurance companies instantly for free.
If you are on mobile, select “Get Quote” to use the calculator.
How Does It Work?
State
Enter your home state. Rates change depending on the state.
Health Class
The best rates are called preferred plus but not everyone qualifies. The final rating will depend on the results of a medical exam. However, there are some companies that do not require medical exams, but they are more expensive.
Birthday
The younger you are, the more affordable mortgage protection insurance will be. Don’t wait too long!
Sex
Rates are higher for males. Sorry fellas.
Nicotine Use
Rates are higher for smokers, specifically if you use nicotine products in the last 12 months.
Type Of Insurance
the type of insurance is usually the term length for mortgage protection, however, some quotes are available that never expire and last your whole life.
Face Amount
The face amount should be the amount on your mortgage, plus a little if you want to leave even more behind to your family.
Contact Info
We’d love to speak to you and go over all of your options in your area to find the best price for you!
How Much Does It Cost For Mortgage Protection?
The end cost for a mortgage protection policy will depend on many factors such as your age, coverage amount, lifestyle choices, height and weight, and other health conditions.
Click here to read our post on mortgage protection quotes.
With that being said, here are preferred plus (best rates available) for a male of various ages and coverage amounts at a 10-year level 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 |
As you can see, rates get a lot higher at older ages. It’s important to get it early.
A 50-year male can expect to pay between $15 and $40 a month for a mortgage protection policy.
How Many Years Is A Mortgage Protection Plan?
A mortgage protection policy has terms of 10, 20, or 30 years depending on your age. This will be how long the premiums stay level or locked in, and once the term is up, you can renew the coverage every year but the price will increase annually. Most mortgage protection policies last until age 95 if you choose to renew them.
Mortgage Protection Providers Reviews
Many well-known companies sell mortgage protection insurance. However, the big companies you see on T.V. are never the best option to go with. Who do you think is paying for all of that advertising?
You, the policyholder with your premiums.
Here are some of our reviews on some popular insurance companies that you should stay away from is you want to save money.
Click here for our State Farm mortgage protection review.
Click here for our Allstate mortgage protection review.
Click here for our USAA mortgage protection review.
Usually, the best mortgage protection policy is going to be with Mutual of Omaha, Foresters Financial, or American Amicable.
Here is our guide on the best mortgage protection companies.
Summary
Mortgage protection insurance is a great way to give you and your family peace of mind about what will happen to the mortgage and other bills in case you pass away or become disabled.
This calculator compares 15+ different mortgage protection companies to find the best rate for you.
If you want more information or want to leave a comment please do so below.
We look forward to speaking with you!
FAQs
16 Comments
WILFREDO RIVERA QUILES
I am 81 year old (will be 82 in october). Can I get mortgage life insurance? Thank you.
Kelly Maxwell
You can get small amounts of coverage. I sent you an email.
Earline
I am a 80yr. old female with controlled Diebetes,Do not smoke. Still drive, very active. Can you send me a quote for Mortgage pay off for $235,09.47 or something you can offer . Just for me and my Son?
Hope to hear from you soon
Kelly Maxwell
Hi Earline, I just emailed you some sample rates.
Erica Brown
How much would a mortgage protection plan be for me at 53 and my husband at 55 with Standard health. 200,000 face value and a 25 year term policy?
Kelly Maxwell
Hi Erica I sent you an email with more info.
Loretta Vinson
I'd like to know how much premium would be for $75000 coverage.
Kelly Maxwell
Hi Loretta. We will need your age and a few other things to get accurate quotes. We sent you an email with more info.
Christopher L Dick
What is the difference between Preferred Plus, Preferred, Standard Plus and Standard?
Also, if I select a 10 year term will that policy remain in effect (similar to whole life) as long as I pay the monthly or annual premiums (i.e regardless of health status)?
Kelly Maxwell
Hi Christopher. We sent you an email with more info. If you are healthy you can get preferred, but many people have health conditions that only qualify them for standard.
Francis Donohue
My brother is borrower and I am co borrower, are we both covered on policy or do we both need a separate policy, also is 3 of us residing in home
Kelly Maxwell
Hi Francis, since a mortgage protection policy has to underwrite your life, it is on just one person. You need a separate policy for each person who wants protection for their family. We sent you an email with more info.
Juanita Rodriguez
Wondering what a plan for $59,000 would cost for me On a 20 year plan
Kelly Maxwell
Hi Juanita we will send you an email with more info!
Elizabeth
Mortgage ins
Kelly Maxwell
Hi Elizabeth, we will send you an email with more info.