What is mortgage protection insurance and how is it different from regular life insurance?
Answered by 1 licensed agent
Original Mortgage Protection is not available any longer. It was promoted by banks that would pay off the balance remaining on the loan, the lender was the beneficiary and the loan gets paid upon the borrowers death. Those plans were not transferable. Those plans are no longer available. Today mortgage protection can be had by getting a term life for the length of the loan if available or if preferred and the beneficiary would be the homeowner and upon the individuals death the proceeds are paid to the beneficiary, typically a spouse and the survivor pays the loan. The face amount never decreases and it is portable.
Answered by Jack Mayer on June 25, 2026
Broker Licensed in CA
Tags: Coverage
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