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In the United States, mortgage insurance is typically categorized into two types: Private Mortgage Insurance (PMI) and Mortgage Protection Insurance (MPI). Here's an overview of top providers in each category:
Top Private Mortgage Insurance (PMI) Companies
PMI is required for conventional loans when the borrower’s down payment is less than 20%. Lenders generally select the PMI provider, but it's beneficial to understand the key players in the market:
MGIC Investment Corporation
Founded in 1957, MGIC is a leading PMI provider in the U.S.
In 2024, it reported a 46% increase in new insurance written, totaling $55.7 billion for the year .
Radian Group Inc.
Established in 1977, Radian offers PMI and other financial services.
In Q2 2023, Radian wrote $16.9 billion in new insurance, leading the market .
National Mortgage Insurance Corporation (National MI)
A newer entrant, National MI uses risk-based technology to offer competitive pricing.
Essent Guaranty
Provides PMI and other lender services, focusing on risk management.
Enact
Formerly known as Genworth Financial, Enact has been a PMI leader since 1961 .
Top Mortgage Protection Insurance (MPI) Companies
MPI is a type of life insurance designed to pay off your mortgage in the event of death or critical illness. It's typically purchased by the homeowner and is not tied to the lender.
National Life Group
Offers high living benefit payouts (up to 90%) and level premiums.
Provides coverage for conditions like Alzheimer's and critical injuries .
Mutual of Omaha
Known for customizable coverage options and strong financial ratings.
Offers both medical and non-medical exam policies .
Foresters Financial
Provides low rates and additional member benefits such as will planning and scholarships.
Offers both medical and non-medical exam policies .
American Amicable
Offers Cash Back (CBO) policies, allowing a refund of premiums if the policy is not used.
genlifefinancial.com
F&G Life
Provides permanent Indexed Universal Life (IUL) policies with cash value accumulation.
Cost of Mortgage Insurance
PMI: Typically costs between 0.1% and 2% of the loan amount annually.
MPI: Premiums vary based on age, health, coverage amount, and policy type.
Recommendations
For PMI: If you're seeking a conventional loan with less than a 20% down payment, consider lenders that work with MGIC, Radian, or National MI.
For MPI: If you're looking to protect your mortgage in case of unforeseen events, National Life Group and Mutual of Omaha offer strong MPI policies.
Remember, PMI is typically chosen by your lender, while MPI is a personal choice. It's advisable to consult with a financial advisor or insurance agent to determine the best option for your specific needs.
