Many families with a home mortgage choose to purchase a term life insurance plan for a period of 30 years to provide protection to pay off the home mortgage if the bread-winner in the family dies.
If both spouses work, they family may choose to buy mortgage term life insurance on both the husband and wife. That way, if one spouse passes away, the home mortgage can be paid off.
The type of mortgage term life insurance plans purchased by many families are called level term life insurance which provides you with guaranteed level rates and coverage amounts for the entire term of your life insurance policy.
That means, the amount of life insurance you have will not decline each year, but stay the same, throughout the entire duration of your term life insurance policy.
Here's how you can learn more about mortgage term life insurance and compare plans.