It's term life insurance coverage that provides funds to pay off your home mortgage loan in case you pass away.
You choose a beneficiary to receive your term life insurance death benefit.
Upon your passing, your beneficiary may choose to use the proceeds from your term life policy to pay off the outstanding home mortgage loan, so your family can continue living in the home they shared with you while you were alive.
Term insurance offers life insurance protection for a period of 10, 15, 20, 25 or 30 years. So, you can choose the "term" of coverage that fits your needs.
If you have a 20 year mortgage loan, you would want to select a 20 year term insurance policy in the amount of your outstanding loan balance. That way, if you pass away before the mortgage loan is paid off, your family has the money to remain in your home.
Here's how to get term insurance on your mortgage.