There are a lot of insurances out there that are catered to various needs. A mortgage life insurance is one of them. As you can see, it is a form of life insurance such that when the breadwinner dies, the insurance will pay off the mortgage. This can be a good supplement to your regular life insurance. When obtaining one, people should always consider getting a term life insurance. The term of the mortgage life insurance should be the same term as the life of the loan.  Most mortgages have a conventional 30 year loan or even the 15 year ones. However, with the high cost of housing nowadays, there are some loan that have been packaged to have 40 year or even 50 year term.Â