How much is mortgage life insurance per month? For a healthy non-smoker matching term life coverage to a mortgage, monthly costs range from $23–$30/month for a 30-year-old with a $500,000 policy to $69–$91/month for a 50-year-old with the same coverage. Dedicated mortgage protection insurance (MPI) runs $30–$150/month for most homeowners, though the value delivered per dollar declines over time as the death benefit shrinks. Your actual cost depends on age, gender, health class, coverage amount, and policy term.