Life & Family Tools · 2026
Mortgage Protection Coverage Estimator
Enter your mortgage balance and years remaining to see how much coverage would pay it off — plus an optional cushion so your family has breathing room, not just a paid-off house.
Figures shown are illustrative ranges for education only — not a quote and not guaranteed values. Actual life insurance premiums and benefit amounts depend on underwriting, health history, age, and the specific carrier and policy you select. Speak with a licensed agent for numbers specific to you.
Questions, answered
What is mortgage protection life insurance?
It's not a distinct product — it's simply life insurance (usually term) sized and structured so the death benefit would pay off your mortgage balance if you pass away, so your family isn't forced to sell the home or take on the payment alone.
Decreasing term vs. level term — which should I choose?
Decreasing term life insurance lowers its death benefit over time to roughly track an amortizing mortgage balance and typically costs less. Level term keeps a flat death benefit for the full term, costing more but staying useful if you refinance, extend your loan, or want the coverage to also replace income. A licensed advisor can help you weigh the two against your actual mortgage and goals.
Why does the calculator add a 6-month income cushion?
A common financial-planning starting point is a few months of household income as a cushion beyond just clearing debt, so your family has breathing room. Six months is an illustrative default here, not a fixed rule — a full needs analysis can size a cushion to your specific situation.
Does my mortgage lender require me to buy this?
No. Lenders may offer mortgage life insurance or decreasing-term products directly, but you're free to shop the open market — often at a better rate — through an independent agent, and to name any beneficiary you choose rather than the lender.
Decreasing term or level term — which fits your mortgage?
A local licensed advisor can compare both structures against your actual loan and budget — free, no pressure. Want a fuller picture? Try the DIME Needs Calculator.