Mortgage Insurance
Mortgage insurance is basically a form of term insurance. It can often be purchased through the mortgage lender. This is certainly convenient as you are in the lending institution at the time and when you are asked “Do you want your mortgage paid off if you die?” it is difficult to say no.
However there may be better (and perhaps less expensive) ways to have your mortgage paid off if you die.
Individually owned Term Insurance policies provide the coverage amount you need and you, as the policyholder, dictate to whom the insurance proceeds are paid. The insurance coverage on a personally owned policy will not decrease as your mortgage decreases. Ask your advisor for a comparative quote while discussing your Financial Life Plan.