One standard approach is to buy mortgage protection insurance that decreases over time, and pays the proceeds to your loan company to pay off your outstanding mortgage loan.

Another type of protection is mortgage term life insurance that provides level term life insurance protection for 10, 15, 20 or 30 years.

If you pass away, the proceeds of the level term life insurance policy go directly to your beneficiary to be used as necessary. The proceeds of a term life insurance policy are usually paid free from federal income tax.

Level term life insurance provides rates and coverage that remain level throughout the term of your life insurance policy. Learn more about Mortgage Life Insurance.