What is whole life insurance. The Best Mortgage Protection Insurance Companies of 2021

Best Overall: Haven Life

If you’re looking to protect your mortgage (and your loved ones) with life insurance, Haven Life is our overall top pick for term policies that fit the bill. This carrier has an entirely-online buying process that offers millions in quick coverage—without a medical exam for some—and includes valuable features at no additional charge. Mortgage protection insurance.

Term coverage from $5,000 up to $3 million

Accelerated death benefit rider included at no extra charge

100% online buying process

Up to $1 million with no medical exams

Though Haven Life has only been providing term life insurance coverage since 2016, the company is wholly owned and backed by MassMutual, a trusted name with more than 160 years of industry experience. The carrier boasts an A++ (Superior) financial strength rating from AM Best—the highest possible—and ranked above-average in the most recent JD Power U.S. Life Insurance Study (2020). 

We chose Haven Life as our top pick for mortgage protection life insurance because it offers generous term coverage through a quick, easy, and entirely online purchasing process. Coverage is available in all 50 states and the District of Columbia to applicants between the ages of 18 and 64, so you can provide mortgage protection for your loved ones no matter where you set down roots.

Through Haven Life, you can buy a 10-, 15-, 20-, or 30-year term policy for as much as $3 million in life insurance protection ($1 million if you’re 61 to 64 years old). With Haven Life’s InstantTerm product, up to $1 million in immediate coverage can be purchased without a medical exam, as well.

Only term policies are available and you cannot add coverage for your spouse or child. However, Haven Life does allow customers to add riders like convertibility and living benefits. And all Haven Life term policies include an accelerated death benefit and a waiver of premium at no additional cost (in eligible states). These features can help protect your loved ones—and the mortgage on your family’s home—even further if you were to become disabled or be diagnosed with a terminal illness.

Getting an initial quote online is simple and takes less than a minute. We found that a healthy 33-year-old woman in Virginia could buy $500,000 in term coverage for 30 years at a price of about $28 a month. If a medical exam is needed, Haven Life offers temporary full coverage that kicks in right away, until your results are back and your permanent coverage can go into effect.

Allstate life insurance

Best for Young Families: Banner Life

For young families—with financial concerns that include new home loans, small kids, and even future babies—term coverage through Banner Life can provide up to 40 years of reliable mortgage protection, earning our nod for this category.

Term policies last as long as 40 years

Available in almost every state

Up to $10 million in coverage offered

Supplemental terms up to 20 years

Preferred underwriting available even with medical or tobacco history

The needs of younger families are different than those of older families which could include households that are still growing and new home purchases. Both of these can affect the level of mortgage protection you and your loved ones need.

For young families, Banner Life is our top pick for protecting not only your partner and children but also the mortgage on your family home for the duration of the loan even if you refinance or upgrade properties. The carrier offers as much as $10 million in life insurance coverage for up to a 40-year term, with the option to add a supplemental 20-year term that can further protect your family until the kids are grown or the house is paid off. This allows you to account for both shorter- and longer-term financial concerns with one policy.

Banner Life provides both term and universal life policies, but no whole life coverage. Term-to-permanent conversion is offered, as are riders like waiver of premium, accelerated death benefit, and coverage for children. Applicants can qualify for preferred underwriting even with a history of tobacco use, certain medical issues, or a family history of cancer.

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This carrier is backed by Legal & General, which has 180+ years of experience and holds an A+ (Superior) rating from AM Best. Policies are available in 49 states and the District of Columbia, though coverage is not offered in New York.

You can get term quotes online but will need to work with an agent to actually buy your policy. We found that a healthy 33-year-old woman in Virginia could protect her family’s mortgage with $500,000 in 30-year term coverage for just over $27 a month. Also, be sure to note that a $60 annual policy fee will be added to your cost.

Best for Veterans: USAA

Eligible military veterans and their families can purchase life insurance from USAA, a top-rated carrier that offers a wide variety of coverage options and protections that can be purchased online or through their mobile app.

Term, whole, and universal life coverage

Retiring veterans can replace SGLI and lock in premiums

Many terms and riders to choose from

Available in all 50 states

Add or convert coverage as needed

Whether you’re a military family or veteran, USAA is the clear winner for life insurance coverage that can help protect your mortgage for your loved ones. This military-based company has been providing a range of financial services and products since 1922—including banking, loans, and credit cards—but also offers top-rated life insurance coverage for short- and long-term needs.

Term life insurance providers

In order to buy life insurance from USAA, you’ll need to become a member; eligibility is extended to past or present servicemembers, their spouses, and their children. The carrier offers term, whole, and universal life policies, all of which provide benefits when deploying or retiring from service (such as locking in premiums to replace SGLI benefits).

Term policies are 10, 15, 20, 25, and 30 years in length and can be converted to permanent coverage later on. Riders include coverage for your children and/or spouse, severe injuries during military service, and accelerated death benefits.

You can also add more coverage after certain life events, such as having a baby, getting married, or buying a home. This means that if you move and purchase a more expensive home, you can ramp up your life insurance coverage to protect that larger mortgage.

Online quotes are available, either online or through the company’s mobile app. We were quoted $30 a month for a $500,000, 30-year term policy on a healthy 33-year-old woman. In order to buy a policy, though, you’ll need to become a member and complete a medical exam.

USAA holds an A++ (Superior) rating from AM Best, which is the highest possible financial strength rating.

Best for 30-Year Mortgages: State Farm

Our favorite mortgage protection life insurance carrier for 30-year mortgages is State Farm, which offers to return your decades’ worth of premiums if you don’t wind up needing your policy.

Overall rating page: 4.3 / 5 left 1234 people.

Posted by at 10:12PM

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