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What is mortgage life insurance and do I need it?

Many lenders and insurance companies offer mortgage life insurance that will pay your mortgage off if you die. For most homeowners, this is a lousy deal. Mortgage life insurance is just too expensive. If you want to make sure your heirs have enough money to pay your home-loan off when you die, it would be much cheaper to purchase term life insurance for the number of years your mortgage will last. You can consider buying mortgage insurance if you're in poor health, your medical problems prevent you from getting an inexpensive term life policy, and the insurer who offers the mortgage life insurance does not require that you take a physical examination. Otherwise, you should probably skip mortgage insurance.