Mortgage Life Insurance. What is mortgage life insurance? Is mortgage life insurance a good buy? Why or why not? Mortgage life insurance is a: (Select the best answer below) O A. special form of decreasing term life insurance that pays off the mortgage if the insured dies. O B. type of ife insurance policy in which the payments are made monthly like a mortgage. OC. type of mortgage insurance that is sold by banks OD. special form of group life insurance that must be purchased when an individual takes out a mortgage Purchasing term insurance with benefits large enough to pay off the mortgage is often than purchasing mortgage life insurance. (Select from the drop-down menu.) cheaper more expensive Click to select your