Can I get insurance to pay off home in case of death?

Yes, you can get insurance to pay off your home in case of death. This type of insurance is called mortgage life insurance or mortgage protection insurance. Mortgage life insurance is designed to pay off your mortgage in the event of your death, so your family does not have to worry about making mortgage payments. Mortgage life insurance works by paying out a lump sum to your mortgage lender if you pass away before your mortgage is fully paid off. The insurance payout is usually equal to the outstanding balance of your mortgage, and the funds are sent directly to your mortgage lender. This means that your family will not receive the insurance payout directly, but rather the mortgage will be paid off, leaving your family with a debt-free home. There are two main types of mortgage life insurance: decreasing term insurance and level term insurance. Decreasing term insurance is designed to match the decreasing balance of your mortgage over time. This means that as you make mortgage payments, the insurance payout decreases over time. Level term insurance, on the other hand, provides a fixed payout that remains the same throughout the term of the policy. Mortgage life insurance is typically offered by mortgage lenders, but you can also purchase it from an insurance provider. The cost of mortgage life insurance will depend on your age, health, and the amount of coverage you require. It is important to shop around and compare quotes from multiple providers to ensure you are getting the best coverage at the best price. It is also worth noting that mortgage life insurance is not the same as mortgage protection insurance, which is designed to help you make mortgage payments if you become disabled or lose your job. Mortgage protection insurance is a type of income protection insurance and is not specifically designed to pay off your mortgage in the event of your death.