While both are important, the two have very different objectives. Homeowners insurance protects your property against physical loss or damage, and mortgage protection from New York Life uses a combination of life insurance products to make sure your loved ones have the money needed to retire your mortgage or keep up with the payments if you pass away.
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Buying a home Have you recently bought a home?
Are you planning to buy one? Learn how mortgage protection strategies using life insurance from New York Life can protect your family and investment.
Mortgage protection helps make sure that the people you love can remain in the home they love, even if you pass away before the mortgage is paid off.
As a homeowner, you have so much to look forward to: exploring the neighborhood, making new friends, and creating memories your loved ones will cherish for the rest of their lives. That's a future worth protecting—and that's why this customized solution makes so much sense.
Since you never know when the unthinkable will happen, mortgage protection from New York Life uses a combination of life insurance products to make sure your loved ones will always have enough cash on hand to keep up with the payments or retire the mortgage.
Tips for protecting your family’s home and future.
01
Give yourself time to rebuild your emergency fund.
If your down payment came from savings, you may need additional protection while building it back up.
02
Mortgage payments are just the beginning.
Be sure to factor in other expenses such as property taxes, utilities, and maintenance fees.
03
Lenders like cash value.
Should you ever need to refinance, banks consider the cash value of life insurance an asset.
04
Not all insurance is portable.
If there’s a chance you will move, make sure you can take your mortgage protection with you.
05
Some mortgage protection products pay the lender.
You may want benefits to go directly to your loved ones so they can decide how the money is used.
Want to see how it works?
This brief video should help you get started.
Customize solutions for your future
New York Life offers mortgage solutlons with two layers of protection.
- Term life insurance for the near future.
- Long-term insurance options for the full length of your mortgage.
Protection for the early years of home ownership
Term life insurance offers customizable short -term and midterm protection — so that you can afford maximum protection when your mortgage balance is highest.
Long-term solutions for your mortgage
81% of adults agree that buying a home is the best long-term Investment In the U.S.* That's why we made sure our mortgage protection solutions include a layer of long-term protection such as whole life insurance or universal life insurance.
Complete mortgage protection and more
New York Life's mortgage protection solutions provide peace of mind and flexibility to customize your own policy. You can add riders, adjust your coverage, and take your policy with you if you move. Explore our full suite of life insurance options.
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Mortgage Protection FAQs
In a word: flexibility. Our mortgage protection solution is unique because it gives you the freedom to customize it to meet your specific needs. And, unlike most lender-sponsored plans, benefits are paid directly to your loved ones (not the mortgage-holder), so they can use the money however they want.
Chances are, your need for financial protection will change over the course of your 15—30 year mortgage. Most homeowners need more protection during the early years—when their loan balance is highest—than they do later when their home equity begins to rise. That’s why this solution provides two layers of protection:
- Temporary term life insurance—so your family has more protection during the early, critical years of homeownership.
- Your choice of long-lasting life insurance policies (whole life or universal life) to cover the entire length of your mortgage—and possibly longer.
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*Pew Research Center: "In a Recovering Market, Homeownership Levels Are Down Sharply for Blacks, Young Adults," 2016.