Mortgage protection is a type of insurance designed to pay off the balance of your mortgage when you die.

Mortgage protection insurance, like life insurance, pays the value of the policy upon your death. It is to be used specifically to pay the remaining balance on your primary mortgage.

Mortgage protection insurance is a great option if you don’t have life insurance. While some use a life insurance policy to pay the balance on their mortgage, this insurance can pay off the mortgage without touching the value of the life insurance.

While there are numerous factors that go into determining the cost of mortgage protection, a minimum average policy should cost between $50 and $150 per month.