Buying a home Have you recently bought a home?

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.

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:

1. Temporary term life insurance—so your family has more protection during the early, critical years of homeownership.
   
   
2. Your choice of long-lasting life insurance policies (whole life or universal life) to cover the entire length of your mortgage—and possibly longer.