It's a type of mortgage life insurance that provides temporary protection lasting for the duration of your mortgage loan, usually for a period of 10, 15, 20 or 30 years.
If you die during the policy term, the death benefit is paid out to your beneficiary, who may use the money to pay off the remaining balance owed on your home mortgage.
That way, your loved ones may remain in their home they shared with you, should you pass away.
Learn more about home loan mortgage insurance for death.