It's a type of life insurance policy that provides an amount of life insurance that decreases each year, in line with the decrease of the outstanding loan on your home mortgage.
However, regular mortgage life insurance plans offer affordable pricing and the amount of protection does not decline each year.
Also, your beneficiary receives the death benefit upon your death, and can use the funds for any purpose, including to pay down the mortgage loan left behind after your passing.
Learn more about mortgage term life insurance coverage.