Life insurance for a mortgage is a life insurance policy used to provide protection for your family in case you die before your home mortgage loan is fully repaid.
You can purchase a term life insurance policy that will provide your loved ones with the money necessary to pay off the remaining balance owed on your mortgage should you die.
You can select a term life policy in the amount you currently owe on your mortgage.
In addition, make sure you select a policy "Term" (duration of coverage) that matches the length of time your mortgage will last.
Also, select the beneficiary you wish to receive the proceeds from your life insurance policy upon your passing.
Your beneficiary can use the proceeds to pay off the mortgage loan so your family can remain in the home they shared with you.
Learn more about life insurance for a mortgage.
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