Definition: Mortgage Payoff Insurance- generally, this is a form of life insurance that will pay off your mortgage in the event of your death prior to completion of payments. Different from private mortgage insurance.

There are a few different forms of mortgage payoff insurance that Mortgage Lenders or insurance companies might offer you. These can include:

• Decreasing Term Policy
• Accidental Death Policies

Sometimes there are catches you have to look out for in the fine print. For example, in Accidental death insurance, you may not be covered if you die in a business related accident, (driving a business car or traveling on a plane that crashes on a business trip).

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