Mortgage Life Insurance is a relatively new insurance product offered to protect families from the loss of the primary wage earner.  In short, the policy will pay off the balance of a mortgage in the event of the primary wage earner passing away.

The policy can be purchased in one of two ways.  First, a policy can be purchased that provides a benefit that never changes over its term.  Second, the policy benefit can reduce overtime as the principle balance is reduced on the mortgage.

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