A married couple has a $480,000 mortgage with 15 years remaining.

The risk event is the first death, because the surviving spouse would immediately face the mortgage obligation with reduced household capacity. A joint first-to-die term policy pays when the first insured spouse dies, and a 15-year term aligns the coverage period with the remaining mortgage horizon. Option A pays only after both spouses have died, which is too late to protect the survivor. Option C has the same timing problem and adds permanent-insurance cost for a temporary mortgage need. Option D is unrelated; annuities provide income, not death-benefit protection for a mortgage. The planner should also consider whether separate term policies would offer more flexibility, whether the coverage amount should be level or decreasing, and whether the policy should be personally owned rather than lender-owned creditor insurance. The central course principle is matching insurance type, term, amount, and ownership to the specific risk being transferred. References/topics: first-to-die insurance, term life, mortgage liability, survivor protection.

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