How Does Life Insurance On A Mortgage Work? 
When you are looking at Mortgage Insurance and how it works , in reality its just Life Insurance . When you die you are buying a policy to give money to someone for something . Insurance companies use names like Mortgage Insurance or Readjustment Income to package insurance in a way to make it more marketable . Because you are looking at protection for a given time frame most insurance companies will talk to you about a term policy , 15year Mortgage = 15yrs Term Insurance , 30yr Mortgage = 30yrs Term Insurance . But there are other insurance options available , always talk to an experienced broker that represents multiple carriers so you know all of your options . 