Mortgage protection insurance is a type of term life insurance that pays off your mortgage in the event of your death. It functions like a standard term life policy. So, if you purchase a policy for a set period and make monthly payments, your chosen beneficiary receives funds to pay off your mortgage if your pass away.
This way, your family would be able to stay in their home even if you could no longer contribute to mortgage payments. Ultimately, this insurance protects your most valuable asses – your home and family.a