You may use permanent life insurance or term life insurance to provide the funds needed to pay off your home mortgage upon your death.
However, term life is much more affordable. And, you may select a term that matches your mortgage loan duration. That way, you are only playing for life insurance while you need it.
You may select a term of 10, 15, 20, 25 or 30 years of term life to protect your mortgage.
Make sure to choose an amount of insurance that matches the amount you currently owe on your mortgage loan.
Your beneficiary may use the proceeds from your life insurance policy to pay the remaining balance owed on your mortgage, should you die.
Learn more about home payoff life insurance plans.