Mortgage life insurance is an insurance policy that pays off the mortgage balance if the insured dies before the mortgage is fully paid off. It is relatively affordable and can provide peace of mind for homeowners. Generally, it is less expensive than a traditional life insurance policy and the premiums are based on the amount of the mortgage balance and the age of the insured. Premiums can be paid annually, semi-annually, quarterly, or monthly. Additionally, mortgage life insurance can be canceled at any time, allowing homeowners to save money if their financial situation has changed.