10,20,30 years term policies available
Term life insurance policies are designed to only cover a certain amount of time, for instance, to cover a 30 year mortgage, or to cover lost wages while raising a family.
Premiums are much more affordable and many carriers may waive the standard medical exam required on a whole life policy.
An attractive alternative to mortgage insurance is to purchase a term life insurance policy for at least the amount of the mortgage.
If you pass away during the “term” when the policy is in force, your beneficiaries will receive the proceeds of the policy tax free which they can use to pay off the mortgage. Term life gives your beneficiaries greater flexibility.