The purpose of life insurance is to provide financial protection to your loved ones after your death. Certain types of life insurance can also function as an investment, because they build cash value and count as a financial asset while you’re alive.
Mortgage redemption insurance (MRI) is a type of decreasing-term life insurance policy. Its purpose is to provide policyholders a way to have their mortgages paid off if they die before it is fully paid. This prevents the full burden of paying the mortgage from falling on the surviving family members’ shoulders.