In this specific case, you can insure your mortgage with permanent or term life insurance. You get insurance for an amount much greater than the balance without affecting the price of your mortgage.
In addition, in the event of death, your heir is the beneficiary and not the lending financial institution.
Usually, the life insurance premium payment is much more than the remaining balance.
Therefore, financially, it is much more interesting and much more flexible in terms of loan repayment.
–