It's a type of life insurance that decreases over time in line with the decline of the balance owed on your home mortgage loan.
Each year, the amount of life insurance gets lower, as the amount you owe on your mortgage declines.
However, many people choose level term life insurance to protect their mortgage loans because it's affordable and you may choose your own beneficiary (spouse or family member) to receive the death benefit, which can be used to pay off your mortgage.
And, with level term life, the amount of life insurance coverage does not decrease over time.
Learn more about decreasing life mortgage insurance policies.