Can you get insurance to pay off your home if you die?

Yes, you can get insurance to pay off your home if you die. This type of insurance is called mortgage life insurance or mortgage protection insurance. It is designed to pay off the outstanding balance of your mortgage in the event of your death, so that your family does not have to worry about making mortgage payments or losing their home. Mortgage life insurance is typically sold through mortgage lenders or banks, and the coverage amount is usually tied to the outstanding balance of your mortgage. The premiums for mortgage life insurance are typically level, meaning they stay the same over the life of the policy. The payout is typically made directly to the mortgage lender to pay off the outstanding balance of the mortgage. It is important to note that mortgage life insurance is different from traditional life insurance policies. Mortgage life insurance is specifically designed to pay off your mortgage in the event of your death, whereas traditional life insurance policies can be used for any purpose, such as providing income replacement for your family or paying for final expenses. Additionally, mortgage life insurance usually only covers the outstanding balance of your mortgage, whereas traditional life insurance policies can be purchased for much larger amounts.