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For older persons, finding a life insurance policy can be hard. Many companies may feel that giving you insurance at this age is a gamble. Luckily, if you are an older person who still has a large mortgage due, you may still qualify for mortgage life insurance. Mortgage life insurance can be a way to have your home paid off so that your spouse can give it to children or grandchildren once you are both gone. Many mortgage life insurance policies will still let persons under age 65 take out a new policy. Actual restrictions and stipulations will vary by company but, with most mortgage life insurance policies, beneficiaries of older borrowers will receive the full amount of coverage that was agreed upon to determine premium payments.