It's a life insurance policy that pays of the mortgage loan in case the insured person dies.
For example, if you buy a $300,000 home with a $250,000 mortgage loan for a period of 30 years, you would purchase mortgage insurance in the amount of $250,000 for a 30 year term.
That way, if you die before the mortgage loan is fully paid off, your family would have the money needed to pay of the loan and remain in the home they shared with you.
Mortgage insurance for death pays out a death benefit upon the passing of the insured person (mortgage holder).
It helps to give you peace of mind, and protect your family so they can keep your home in case you die before the loan is paid off.
Here's how you can learn more about mortgage death insurance