It's temporary life insurance that provides the funds to pay off your remaining balance on your home mortgage loan should you pass away while the coverage is "In Force".
Mortgage balance life insurance guarantees there is enough money there for your family to pay off the existing mortgage loan on your home so they may remain in the home they shared with you.
Usually, a mortgage balance life insurance plan lasts for a period of time equal to the length of your mortgage loan, and provides an amount of life insurance coverage equal to your remaining mortgage balance when you take out the policy.
Learn more about how to get mortgage balance life insurance protection.