Yes. If you own a home and have a mortgage loan, you could buy a term life policy and name your spouse or family member as the beneficiary of your life insurance policy.
If you should die during the term of the policy, the proceeds from the death benefit of your policy may be used by your beneficiary to pay off the remaining balance owed on your home mortgage.
That way, your family will be able to remain in their home should you die.
Term life insurance policies offer coverage lasting for a period of 10, 15, 20, 25 or 30 years, to match the duration of your mortgage loan.
Learn more about term insurance to pay off your mortgage loan.