There are many different types of life insurance. Some of them are cash value based and some are term based. There are also other ways to save you money and give you great coverage in case of a sudden death. Mortgage Life insurance is one of those ways. So what is mortgage life insurance? The best way to describe it is a full coverage mortgage blanket that will pay off your mortgage debt to the bank if a death occurs. This means that if you owe $300,000 on your home mortgage everything will be covered under the policy. This can be used as a way to protect your family and your home. Normally a person’s home is the biggest asset that they will ever own. This helps the family members who are living in the house have no mortgage payments left to pay. This is a huge advantage if you have a large mortgage left to pay.