Mortgage life insurance is designed to help pay off your outstanding mortgage amount in the event of your death.
If you die during the period of your coverage, your life insurance policy pays out your chosen amount of protection. You choose the amount of life insurance you need and the length of time you want to be insured for.
You may want to choose coverage for a term that is the same as the duration of your mortgage loan, that way you'll have coverage throughout your entire mortgage loan period.
For example, if you have a 20 year mortgage, you'll want mortgage life insurance for a term of 20 years.
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