A type of life insurance designed to pay a policyholder’s remaining mortgage balance upon their death. The death benefit is paid to the mortgage lender rather than to the policyholder’s heirs, and the coverage decreases over time as the mortgage balance is paid off. It is often confused with private mortgage insurance, which protects the lender if the borrower defaults on payments rather than paying off the loan when the borrower dies. Mortgage Life Insurance is generally not recommended by financial advisors because other less expensive life insurance options are usually available. See Term Life Insurance