Mortgage life insurance provides protection to you and your family.
This policy would repay mortgage after person dies. Mortgage life insurance is different form life insurance although they really look same. If you purchase life insurance and you die, then what happens, benefit is paid to your family. And if you purchase mortgage life insurance and you die, then the same happens, benefits is paid to your family, but not at the time of death event. The mortgage life insurance would pay the rest of the amount of your mortgage. Mortgage life insurance has various advantages. If someone has to pay $25 /month, then he can get an attuned life insurance policy in form of mortgage life insurance. 
1. In life insurance policy, the benefits are paid to the lender. Mortgage life insurance policy can also be paid to lender, but you have many options. In mortgage life insurance policy, lender is your beneficiary. And to reduce your income tax liability, your mortgage is one of the few things against your payment. Then full loan get paid to lender and all detectable things are gone. If you chose mortgage life insurance policy, and your spouse or other family member is your beneficiary. Then they have the option of either pay off monthly dept of mortgage.
2. Life insurance policy works after an accidental death, but mortgage life insurance would remain in force throughout your life and after your death, as whatever reason is of the death; either it is natural or accidental.
3. Mortgage life insurance is designed for the people with repayment mortgage, while life insurance policy will pay fixed money after person dies. Mortgage life insurance is cheaper than your normal life insurance policies as it repays your remaining mortgage.
4. Mortgage life insurance in suitable, if your down payment is more than 30%. For example if your down payment is 20% or less than 20% than the “market value” or “value of your property”, then mortgage life insurance will not protect you. It will protect your lender from the risk of your defaulting. Here life insurance is batter. As the owner of life insurance, you will suggest the name of beneficiary and they will get the benefit. The premium of the life insurance will pay after fix interval throughout the period of life.
5. Mortgage life insurance premium will be stopped once the value of mortgage property reaches at 80%. But life insurance premium would be continuing through the entire time of insurance coverage.
6. Mortgage life insurance involves three parties such as borrower, lender and insurer, while life insurance has the two parties such as the insurer and insured.
7. Mortgage life insurance may not be tax detectable, while life insurance always is tax detectable.
8. It is important to get knowledge about life insurance and mortgage life insurance and then choose the best and cheapest policy. It is suggested to select standard insurance policy that will cover your family after your death; either accidental or natural.
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