Average Cost of Mortgage Protection Life Insurance (2022)

Life Insurance Mortgage Protection Rates by Age Chart for Men and Women

Are 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.

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.

AgeGender$100k$250k$500k$1 million
25Male$13$21$35$61
25Female$8$17$26$46
26Male$13$21$35$61
26Female$12$17$27$45
27Male$13$21$36$62
27Female$12$17$28$46
28Male$13$21$37$63
28Female$12$18$29$47
29Male$13$22$38$64
29Female$11$18$29$48

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
30Male$13$22$38$64
30Female$12$18$30$50
31Male$14$22$38$67
31Female$12$19$31$52
32Male$15$23$40$68
32Female$12$19$32$55
33Male$13$20$33$70
33Female$12$19$32$55
34Male$15$23$40$73
34Female$13$20$35$58

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
35Male$15$24$41$76
35Female$13$20$34$61
36Male$16$25$43$80
36Female$16$22$36$65
37Male$17$27$46$86
37Female$14$23$38$70
38Male$18$28$50$94
38Female$15$24$41$75
39Male$19$30$54$102
39Female$15$25$44$81

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
40Male$20$33$59$111
40Female$16$27$46$87
41Male$22$35$64$121
41Female$18$70$54$94
42Male$24$39$70$147
42Female$19$31$54$102
43Male$26$42$77$112
43Female$20$33$59$122
44Male$28$50$64$162
44Female$20$35$59$122

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
45Male$29$50$93$179
45Female$23$38$70$133
46Male$31$55$102$195
46Female$24$41$75$142
47Male$28$50$94$178
47Female$22$38$70$134
48Male$30$55$124$234
48Female$26$42$77$157
49Male $42$72$137$259
49Female$26$47$99$189

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
50Male$35$68$285$209
50Female$26$51$206$179
51Male$51$89$170$285
51Female$37$65$121$232
52Male$56$100$190$365
52Female$40$72$134$257
53Male$60$111$215$415
53Female$45$79$150$287
54Male$69$126$245$476
54Female$49$88$167$326

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
55Male$67$119$232$456
55Female$49$91$175$365
56Male$61$172$110$632
56Female$84$172$329$431
57Male$90$193$371$714
57Female$73$137$263$488
58Male$98$214$412$793
58Female$84$153$294$545

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
59Male$57$110$204$398
59Female$38$78$146$283
60Male$63$121$227$448
60Female$42$87$161$315
61Male$70$140$260$510
61Female$47$98$187$359
62Male$78$161$298$581
62Female$53$111$215$409
63Male$88$174$342$661
63Female$62$125$245$470
64Male$99$199$391$755
64Female$69$142$278$527

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
65Male$112$227$448$863
65Female$79$163$316$598
66Male$129$275$522$1,014
66Female$101$212$395$742
67Male$149$317$606$1,193
67Female$117$247$436$836
68Male$173$369$707$1,392
68Female$137$281$478$931
69Male$198$423$817$1,468
69Female$159$348$584$1,119

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
70Male$145$292$577$1,088
70Female$93$197$334$663
71Male$179$353$700$1,340
71Female$137$256$450$888
72Male$212$415$825$825
72Female$158$301$538$1,071
73Male$246$485$963$1,910
73Female$180$321$635$1,264
74Male$280$584$1,162$2,262
74Female$202$372$739$1,420

Methodology: Monthly rates are for the preferred rating class, non-smoker, date of birth May 1st. Rates as of 5/26/2022. 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.

AgeGender$100k$250k$500k$1 million
75Male$180$383$761$1,473
75Female$127$440$836$1,651
76Male$241$483$954$1,815
76Female$176$335$644$1,207
77Male$293$579$1,097$2,133
77Female$226$407$756$1,484
78Male$336$675$1,272$2,482
78Female$264$490$933$1,701
79Male$380$775$1,472$2,813
79Female$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 5/26/2022. 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.

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