What is mortgage life insurance?Mortgage life insurance is a type of term life insurance that provides money for your surviving family members to pay off your home mortgage loan in case you die.Mortgage term life insurance can last for a period of 15, 20, 25, or 30 years. You choose a term for your life insurance to provide coverage for a period of time that matches your mortgage loan.If you die during the term of your mortgage life insurance policy your spouse (beneficiary) will receive the death benefit and can use this money for any reason, including to pay off the mortgage loan, pay for living expenses, etc.A mortgage term life insurance policy is usually a level term life plan that provides you with an amount of life insurance that remains the same throughout the term of your policy, and your premiums are the same each year, as well.
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