"Is There A Life Insurance Product That Pays Off A Mortgage Upon Death?"
Not exactly but you will be happy to know that the industries Decreasing Term policy suits the objective very nicely. The features of this type of policy that enables it to work efficiently are: it has a fixed premium for the term of the policy and the death benefit decreases each year closely mirroring the amortized balance of a mortgage.
This may be the best “no brainer” in the industry. It is so affordable that coverage can be provided for both parents. The benefits of “peace of mind” knowing if one parent dies prematurely, the family can continue to live in their home not having to worry about a mortgage payment is off the chart.