A mortgage insurance policy is a policy which helps pay off the remaining mortgage balance in the case of the insured's death. It's a good idea to purchase this kind of insurance because if you die before your mortgage is paid off your family will be stuck paying the balance. Such a policy is relatively inexpensive and pretty straightforward. Policies are purchased for a certain period of time, usually fifteen to thirty years. One competitive insurance company offers rates as low as $248 per month. Such a policy offers up to $100,000 in coverage for a period of fifteen years. Thirty year policies may start as low as $258 per year. In most cases, premiums do not increase during the term of the purchased policy while policies are typically available for those ages twenty to sixty. Finally, the above examples are just that, examples as more or less coverage may be available through different companies.