Your premium is based on the rate charged multiplied by the amount of life insurance.
For example, you may be charged $3 per $1,000 of coverage. So, a $400,000 mortgage insurance plan would cost you $3 X $400 = $1,200 per year for $400,000 of mortgage life insurance.
Your cost of mortgage insurance is based on your age, health, lifestyle, tobacco use, duration of coverage, amount of insurance you need, and your gender, among other things.
The younger and healthier you are when you buy your policy, the lower your cost of coverage.
Here's how to find out how much mortgage insurance costs.