What is Mortgage Life Insurance?

It's a life insurance policy homeowners take out to protect their mortgage.

Basically, you select a mortgage term life insurance policy for a duration equal to the length of your mortgage.

So, if you have a 30 year mortgage, you buy a 30 year mortgage life insurance plan.

And, you select an amount of life insurance equal to the amount of the loan you owe on your home mortgage.

That way, if you pass away before your mortgage is paid off, your family will have the funds needed to pay off the mortgage and remain in the home they shared with you.

Learn more about how mortgage life insurance works