Own a home? You may want life insurance.

Life insurance and mortgage protection are both considered important for your family's long-term security. Owning a home is usually the most significant financial obligation any of us will ever make. If you're the primary breadwinner and pass away unexpectedly, the financial burden of keeping up with mortgage payments may fall to your partner or any co-signers.

Purchasing life insurance can help cover your mortgage and other debt and living expenses if your loved ones are suddenly faced with taking on those financial obligations.

Father And Son Working On Carpentry At Home
Mortgage debt is steadily on the rise

According to the U.S. Census Bureau, over 62% of homeowners in the U.S. have mortgages. In 2021, the average mortgage for a new home in the United States was more than $410k. And the average mortgage balance on all home mortgages is over $215k, with that number typically higher for younger homeowners. Mortgage debt numbers continue to increase steadily across the country. The more debt you carry—from your home or otherwise—the greater the financial responsibility could be to those you leave behind.

Chart- YoY increase mortgage debt
What are your coverage options?

Mortgage protection life insurance (MPI)

Lenders may offer this type of protection as part of a mortgage package during the home-buying process. It's designed to protect the mortgage lender. If you pass away while the policy is active, the payout goes to your lender for the outstanding balance. As you pay down your mortgage, your coverage amount also decreases with the balance owed.

Ethos does not offer mortgage protection life insurance, but the death benefit from any policy purchased through Ethos could be used to help pay down a mortgage—or whatever the beneficiary deems most essential.


  • No medical exam required
  • Most applicants qualify


  • Payout amount gets reduced over time, yet premiums remain the same
  • Lender receives the benefit
  • Protects only your mortgage
  • Often costs more than term life insurance

Term life insurance

Term life insurance offers more flexibility than MPI. You get to choose your beneficiary, the amount of coverage, and the policy term length. A term life policy provides coverage for a set period and protects your beneficiaries throughout the term of your policy. Term life insurance can help to cover a variety of expenses. Besides mortgage payments, it can also cover outstanding debt, lost income, college tuition, medical bills, and everyday living expenses.


  • Can be used to cover all life expenses (up to your coverage limit during the policy term)
  • Your beneficiary receives the benefit
  • Rates are based on your unique circumstances and needs
  • Payout amount remains the same while the coverage is active


  • A medical exam may be required (note that Ethos uses a health questionnaire and does not require a medical exam)
  • Not all applicants qualify
kids playing on the lawn in front of their house
MPI vs. term coverage: a quick snapshot

Mortgage protection life insurance

  • Coverage amount: Benefit gets reduced as mortgage balance goes down
  • Coverage length: The length of your mortgage
  • Beneficiary: Your lender
  • What coverage goes toward: Your mortgage balance

Term life insurance

Get a quote

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Used for estimate only.
Explore your options
Adjust the coverage amount and term length to find a plan you like. Then apply online (with no obligations) and get your real rate.

The estimated monthly rate for this policy is:

Coverage amount
Term length
10 years
Please note that all prices quoted are subject to change, including due to underwriting.
Understanding how term life insurance can cover a home mortgage

Term life insurance offers simple and affordable financial protection for your loved ones in the event of your death. Remember, they won't always just lose you—they may also lose your financial support. Ethos makes it easy and convenient to get life insurance coverage online. The application process is quick and hassle-free—and applicants don't need to take a medical exam.

Get term today. Save for years.
Life insurance gets more expensive as you age. So the sooner you buy it, the more affordable it will be. Apply today to lock in your lowest rate.