Average Cost of Mortgage Protection Life Insurance (2024)
last updated on March 22, 2024Are you looking for the best mortgage protection life insurance rates in the country?
Great! Then you have come to the right place.
In this article, we’ll show you the average cost of mortgage life insurance protection by age to help you find the best policy.
The average cost of mortgage protection life insurance for a 40-year old male at the preferred health class is $59 month. This is for a $500k fixed coverage amount and a 30-year fixed premium. Premiums could be higher or lower depending on: coverage amount, age, gender, health, policy duration and if you choose to do an exam or no medical exam application.
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Mortgage Life Insurance Protection Rates by Age Chart: 25-29
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 25-29 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 25 | Male | $13 | $21 | $35 | $61 |
| 25 | Female | $8 | $17 | $26 | $46 |
| 26 | Male | $13 | $21 | $35 | $61 |
| 26 | Female | $12 | $17 | $27 | $45 |
| 27 | Male | $13 | $21 | $36 | $62 |
| 27 | Female | $12 | $17 | $28 | $46 |
| 28 | Male | $13 | $21 | $37 | $63 |
| 28 | Female | $12 | $18 | $29 | $47 |
| 29 | Male | $13 | $22 | $38 | $64 |
| 29 | Female | $11 | $18 | $29 | $48 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 30-34
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 30-34 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 30 | Male | $13 | $22 | $38 | $64 |
| 30 | Female | $12 | $18 | $30 | $50 |
| 31 | Male | $14 | $22 | $38 | $67 |
| 31 | Female | $12 | $19 | $31 | $52 |
| 32 | Male | $15 | $23 | $40 | $68 |
| 32 | Female | $12 | $19 | $32 | $55 |
| 33 | Male | $13 | $20 | $33 | $70 |
| 33 | Female | $12 | $19 | $32 | $55 |
| 34 | Male | $15 | $23 | $40 | $73 |
| 34 | Female | $13 | $20 | $35 | $58 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 35-39
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 35-39 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 35 | Male | $15 | $24 | $41 | $76 |
| 35 | Female | $13 | $20 | $34 | $61 |
| 36 | Male | $16 | $25 | $43 | $80 |
| 36 | Female | $16 | $22 | $36 | $65 |
| 37 | Male | $17 | $27 | $46 | $86 |
| 37 | Female | $14 | $23 | $38 | $70 |
| 38 | Male | $18 | $28 | $50 | $94 |
| 38 | Female | $15 | $24 | $41 | $75 |
| 39 | Male | $19 | $30 | $54 | $102 |
| 39 | Female | $15 | $25 | $44 | $81 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 40-44
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 40-44 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 40 | Male | $20 | $33 | $59 | $111 |
| 40 | Female | $16 | $27 | $46 | $87 |
| 41 | Male | $22 | $35 | $64 | $121 |
| 41 | Female | $18 | $70 | $54 | $94 |
| 42 | Male | $24 | $39 | $70 | $147 |
| 42 | Female | $19 | $31 | $54 | $102 |
| 43 | Male | $26 | $42 | $77 | $112 |
| 43 | Female | $20 | $33 | $59 | $122 |
| 44 | Male | $28 | $50 | $64 | $162 |
| 44 | Female | $20 | $35 | $59 | $122 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 45-49
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 45-49 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 45 | Male | $29 | $50 | $93 | $179 |
| 45 | Female | $23 | $38 | $70 | $133 |
| 46 | Male | $31 | $55 | $102 | $195 |
| 46 | Female | $24 | $41 | $75 | $142 |
| 47 | Male | $28 | $50 | $94 | $178 |
| 47 | Female | $22 | $38 | $70 | $134 |
| 48 | Male | $30 | $55 | $124 | $234 |
| 48 | Female | $26 | $42 | $77 | $157 |
| 49 | Male | $42 | $72 | $137 | $259 |
| 49 | Female | $26 | $47 | $99 | $189 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 50-54
Bellow are the monthly rates (quotes) for mortgage life insurance protection for ages 50-54 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 50 | Male | $35 | $68 | $285 | $209 |
| 50 | Female | $26 | $51 | $206 | $179 |
| 51 | Male | $51 | $89 | $170 | $285 |
| 51 | Female | $37 | $65 | $121 | $232 |
| 52 | Male | $56 | $100 | $190 | $365 |
| 52 | Female | $40 | $72 | $134 | $257 |
| 53 | Male | $60 | $111 | $215 | $415 |
| 53 | Female | $45 | $79 | $150 | $287 |
| 54 | Male | $69 | $126 | $245 | $476 |
| 54 | Female | $49 | $88 | $167 | $326 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 55-58
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 55-59 for: $100k, $250k, $500k and $1 million coverage amount for a 30-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 55 | Male | $67 | $119 | $232 | $456 |
| 55 | Female | $49 | $91 | $175 | $365 |
| 56 | Male | $61 | $172 | $110 | $632 |
| 56 | Female | $84 | $172 | $329 | $431 |
| 57 | Male | $90 | $193 | $371 | $714 |
| 57 | Female | $73 | $137 | $263 | $488 |
| 58 | Male | $98 | $214 | $412 | $793 |
| 58 | Female | $84 | $153 | $294 | $545 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 59-64
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 55-59 for: $100k, $250k, $500k and $1 million coverage amount for a 20-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 59 | Male | $57 | $110 | $204 | $398 |
| 59 | Female | $38 | $78 | $146 | $283 |
| 60 | Male | $63 | $121 | $227 | $448 |
| 60 | Female | $42 | $87 | $161 | $315 |
| 61 | Male | $70 | $140 | $260 | $510 |
| 61 | Female | $47 | $98 | $187 | $359 |
| 62 | Male | $78 | $161 | $298 | $581 |
| 62 | Female | $53 | $111 | $215 | $409 |
| 63 | Male | $88 | $174 | $342 | $661 |
| 63 | Female | $62 | $125 | $245 | $470 |
| 64 | Male | $99 | $199 | $391 | $755 |
| 64 | Female | $69 | $142 | $278 | $527 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer. rates for a 20 year term
Mortgage Life Insurance Protection Rates by Age Chart: 65-69
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 55-59 for: $100k, $250k, $500k and $1 million coverage amount for a 20-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 65 | Male | $112 | $227 | $448 | $863 |
| 65 | Female | $79 | $163 | $316 | $598 |
| 66 | Male | $129 | $275 | $522 | $1,014 |
| 66 | Female | $101 | $212 | $395 | $742 |
| 67 | Male | $149 | $317 | $606 | $1,193 |
| 67 | Female | $117 | $247 | $436 | $836 |
| 68 | Male | $173 | $369 | $707 | $1,392 |
| 68 | Female | $137 | $281 | $478 | $931 |
| 69 | Male | $198 | $423 | $817 | $1,468 |
| 69 | Female | $159 | $348 | $584 | $1,119 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Rates by Age Chart: 70-74
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 55-59 for: $100k, $250k, $500k and $1 million coverage amount for a 15-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 70 | Male | $145 | $292 | $577 | $1,088 |
| 70 | Female | $93 | $197 | $334 | $663 |
| 71 | Male | $179 | $353 | $700 | $1,340 |
| 71 | Female | $137 | $256 | $450 | $888 |
| 72 | Male | $212 | $415 | $825 | $825 |
| 72 | Female | $158 | $301 | $538 | $1,071 |
| 73 | Male | $246 | $485 | $963 | $1,910 |
| 73 | Female | $180 | $321 | $635 | $1,264 |
| 74 | Male | $280 | $584 | $1,162 | $2,262 |
| 74 | Female | $202 | $372 | $739 | $1,420 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
Mortgage Life Insurance Protection Amounts by Age Chart: 75-79
Below are the monthly rates (quotes) for mortgage life insurance protection for ages 55-59 for: $100k, $250k, $500k and $1 million coverage amount for a 10-year level term.
| Age | Gender | $100k | $250k | $500k | $1 million |
|---|---|---|---|---|---|
| 75 | Male | $180 | $383 | $761 | $1,473 |
| 75 | Female | $127 | $440 | $836 | $1,651 |
| 76 | Male | $241 | $483 | $954 | $1,815 |
| 76 | Female | $176 | $335 | $644 | $1,207 |
| 77 | Male | $293 | $579 | $1,097 | $2,133 |
| 77 | Female | $226 | $407 | $756 | $1,484 |
| 78 | Male | $336 | $675 | $1,272 | $2,482 |
| 78 | Female | $264 | $490 | $933 | $1,701 |
| 79 | Male | $380 | $775 | $1,472 | $2,813 |
| 79 | Female | $291 | $579 | $1,073 | $1,986 |
Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 3/10/2024. You rates could be lower or higher based on your underwriting profile and the insurer.
About Life Insurance for Mortgage Protection
There are two main types of life insurance used to protect a mortgage: mortgage protection insurance (MPI) and level term life insurance.
In the past, mortgage protection insurance (MPI) was the most common policy used to cover the outstanding mortgage balance. Today, it has changed to level term life insurance for the reasons outlined below.
Mortgage Protection Insurance (MPI) versus Level Term Life Insurance
Mortgage protection insurance (MPI) has been phased out over the years by most insures since the policy typically isn’t as competitive with level term life insurance. This is due to several reasons:
- Level term life insurance is typically cheaper than mortgage protection insurance.
- Mortgage protection insurance has a decreasing coverage amount while level term life insurance coverage is fixed.
- Mortgage protection insurance protects the lender as they are the beneficiary while term life insurance protects your family and you choose the beneficiary.
- Level term life insurance allows you to choose the coverage amount and term duration. This allows you to find a policy that meets your needs and budget, unlike (MPI) which is based on the mortgage payoff terms.
Bottom Line
The average cost of mortgage life insurance protection varies based on your age, gender, health, coverage amount, term and if you choose an application with or without the medical exam. As you can see in the mortgage protection rates by age charts above, premiums are very affordable for those in excellent to average health.
To compare life insurance rates to protect your mortgage from the nation’s top companies with and without the medical exam, take advantage of our instant life insurance quote engine.
