Mortgage Life Insurance Cost: The Essential Purchase for New Homeowners

mortgage life insurance cost

Buying a new home is one of the biggest decisions you’ll ever make. It’s an investment in your future and the future of your family. But have you ever wondered about the mortgage life insurance cost and how that insurance can play a role in protecting that investment?

It may not be the first thing that comes to mind when purchasing a new house/townhouse/condo, but life insurance and homeownership go hand in hand. That’s why we’re exploring why buying life insurance when you purchase real estate is important in protecting your family just in case and mortgage life insurance cost!

Financial Protection for Your Family

When you purchase life insurance, you’re providing security for your family both financially and physically. Is your partner earning as much income as you or can his/her income alone cover the mortgage or maybe your spouse is a stay-at-home parent? These are all things to consider when thinking about life insurance. If something were to happen to you, whether it be an accident or illness, the last thing you want is for your family to worry about how they’re going to get by financially. Trying to figure out whether you can stay in the home you love is hard! Mortgage life insurance can help cover the mortgage, provide for your children’s education and cover other expenses your family may incur in your absence.

mortgage life insurance cost

Protect Your Home Investment

Buying a home is a big financial commitment. Not only are you putting a down payment on the property, but you’re also committing to making mortgage payments for years to come. If something were to happen to the primary breadwinner in the family, it can be an enormous financial burden for the surviving members. Life insurance can help ensure that your family can continue to make mortgage payments and this will allow them not to have to sell the property in a rush. If selling the family home is something she/he wants to do, it should be made with a clear mind and heart, not forced and certainly not sold under value because your spouse is trying to pay the bills.

Reduce Stress And Anxiety

Owning a home can be stressful and comes with its fair share of responsibilities. Life insurance can help alleviate some of the stress that comes with homeownership. Knowing that you have coverage in place can give you peace of mind in the unlikely event that something happens. You can rest easy knowing that your family is protected and that they won’t have to carry the burden of financial hardship.

Customize Your Coverage

Individual circumstances vary from family to family. Many life insurance brokers understand this and policies can be customized to fit your family’s specific needs. Some policies offer riders that protect against things like medical expenses, disability, and critical illness. Discussing your options with a knowledgeable insurance professional can help you find a policy that works best for your family.

Mortgage Life Insurance Cost

The cost of a life insurance policy for mortgage protection will depend on your unique circumstances. However, according to, the average cost of life insurance is around $100 per month to help cover mortgage prices. Keep in mind that this cost can vary depending on the factors discussed above. It is crucial to work with a broker so that they can help you find the best policy to ensure you are getting the coverage you need at a price that works for you.


Buying a new home and purchasing life insurance are two important decisions that families make. While they may seem like separate issues, they’re more closely related than you think! Protecting your home investment and your family’s financial security is a vital step to securing a bright future. Life insurance coverage is an essential tool that can provide peace of mind and financial protection for you and your loved ones. If you’re a new home owner, it’s worth considering how life insurance can work for you and your family.

Want to know your mortgage life insurance cost? 👇

Insured And Proud is an insurance brokerage that’s happy to help! Call us at 732-705-1332