Life Insurance on a Mortgage Loan

Can I buy life insurance for my mortgage loan?

Yes. Many people use term life insurance policies to help them protect their mortgage loan in case they die before it is fully repaid.

You can select an amount of life insurance that matches your outstanding mortgage loan balance, and choose a policy "Term" (duration) for coverage that matches the duration of your mortgage loan - usually 10, 15, 20, 25 or 30 years.

And, name your spouse or family member as beneficiary of your term life insurance policy, so they can receive the death benefit upon your passing, and use the funds to pay off the mortgage so your loved ones may remain in the home they shared with you.

Learn more about life insurance on a mortgage loan.