There are a few different types of plans available to choose from, including mortgage protection insurance, decreasing term life insurance, and level term life insurance.

Of the term life insurance options, level term life insurance is purchased by up to 97% of consumers because it provides premiums and coverage amounts that remain the same for up to 30 years. That way you can budget the cost, and rely on the coverage being there when your family needs it. And, the life insurance proceeds are paid to your beneficiary, not the mortgage loan company.

Make sure to consider the life insurance company’s financial strength rating, and compare plans and mortgage life insurance quotes from several carriers before choosing a plan.