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Thinking of getting mortgage protection on your home? First you will need to understand the types of mortgage insurance available. Traditional mortgage term life insurance is where the policy’s face value gradually decreases between the start and end date of the policy, though the premiums remain the same. A second type of mortgage term life insurance simply covers you for a specific amount for the term of the policy, usually from ten to thirty years. If you die within that time, your beneficiary collects the agreed upon amount. Return of premium is a third type of mortgage protection, where once the term of the policy ends, the insurance company returns the total amount that you paid in premiums. As this acts as sort of a savings program, it can seem more worthwhile to many mortgage holders.