In the event of your death, the policy will pay off the mortgage completely, leaving your family secure in their home.

Mortgage protection insurance is a type of term life insurance that is designed to pay off your mortgage in the event of your death. It functions like a standard term life policy: You purchase a policy for a set period, make monthly payments and if you pass away while the policy is in force, your chosen beneficiary receives funds to pay off your mortgage. The payment can also go directly to the mortgage lender to ensure your family is protected and can stay in their home.