It's a type of life insurance policy people use to provide protection to pay off their home mortgage loan in case they die before the loan is fully repaid.
Many people use a level term life insurance policy to provide the needed mortgage payoff protection.
With level term life you select a duration of term of coverage that matches your home mortgage loan duration; for example, 15, 20 or 30 years.
Also, you select an amount of term life insurance that matches the amount you currently owe on your home mortgage.
That way, your family has the money needed to pay off the mortgage loan on your home should you die before it is fully paid off.
Learn more about mortgage payoff life insurance plans.