What can I do?
There are life insurance plans available that offer affordable protection through term life insurance coverage which provides up to 30 years of insurance.
Term life offers the lowest rates for life insurance, allowing you to select coverage for the duration that meets your specific needs.
You can choose a term of 10, 15, 20, 25 or 30 years of life insurance death benefit coverage.
Usually, mortgage loans last for a period of 15, 20 or 30 years. So, you just choose a term that matches the duration of your mortgage loan. Then, select an amount of life insurance that matches how much you currently owe on your mortgage.
That way, upon your death during the policy term, your beneficiary would receive the death benefits from your term life insurance policy, and the beneficiary could use the money to pay off the remaining balance on your mortgage, and stay in the home.
Learn more about mortgage payoff life insurance plans.