Mortgage life insurance provides coverage for the life of your mortgage loan.
Usually, mortgage insurance offers coverage for a period of 10, 15, 20 or 30 years.
So, if you have a 30 year mortgage loan, you would choose a 30 year mortgage life insurance policy. That way, if you pass away before the loan is paid off, your beneficiary would receive the death benefit and have the money to pay off any outstanding balance owed on your home mortgage.
Mortgage life insurance helps make sure your loved ones can remain in the home they shared with you.
Here's how to get mortgage life insurance protection.