Average Cost of Mortgage Protection Life Insurance (2023)

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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.

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 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.