Mortgage protection insurance is a specialized type of life insurance policy designed with one specific purpose: to pay off your remaining home loan balance if you pass away before the mortgage is fully amortized. Unlike traditional life insurance, which pays out a cash benefit directly to your chosen beneficiaries to spend as they see fit, this policy is structured so that the lender is typically the primary beneficiary. If the policyholder dies during the term of the loan, the insurance company sends the payout
