Yes. Today, many homeowners buy mortgage term life insurance policies to provide the protection they need for y=their home loan.
Level term life insurance can be used to provide mortgage life insurance coverage to protect your mortgage.
You can select a policy term that matches your current home loan duration; such as, 20 or 30 years, so your family has the money needed to pay off the mortgage and remain in the home they shared with you, should you pass away before the mortgage is fully paid off.
And, you’ll want to select an amount of life insurance that matches the current outstanding balance owed on your home loan, so the amount of insurance paid out upon your passing is enough to pay off the mortgage loan.
These plans offer affordable protection and give you peace of mind knowing your family is protected and can remain in their home should you die before the mortgage is paid off.
Learn more about buying life insurance to protect your mortgage.