Mortgage Protection Life Insurance is a broader label used by many independent insurance agents and carriers to describe a standard term life policy that is sized and timed to match a mortgage — for example, a $350,000, 30-year term policy for a $350,000, 30-year mortgage. The death benefit is level (not decreasing), and the beneficiary is your family rather than your lender.
Term Life Insurance Used for Mortgage Coverage is exactly what it sounds like: a conventional term life policy where the coverage amount and term length are selected specifically to match the mortgage obligation. No special product exists — it is the same term policy you would buy to replace income, fund college education, or cover any other financial need. The mortgage is simply your motivation for choosing the coverage amount.