Mortgage term life may last for a period of 10, 15, 20 or even up to 30 years depending on your age and health when you purchase your policy.
Since most mortgages last for a period of 20 or 30 years, a mortgage term life plan can provide the protection your family needs to payoff the mortgage in case you die before the mortgage is fully paid off.
And, with mortgage term life coverage your spouse would receive the death benefit to use as needed, including to pay off the mortgage loan, or pay for other living expenses, as needed.
Level term life insurance is often purchased as a form of mortgage term life insurance protection, and usually costs less than decreasing term insurance which offers premiums that remain the same each year, while the amount of life insurance declines inline with the declining mortgage loan amount.
Learn more about how mortgage term life insurance works and compare rates and plans online among leading carriers.