Do I Need Life Insurance for a Mortgage?

Answer

You do not need Life Insurance to get a mortgage though Life insurance helps one to get a cut off cost on mortgage and it can be used to pay off the mortgage. Life insurance can also be used as a source of income when one cannot work because of sickness or disability.
Q&A Related to "Do I Need Life Insurance for a Mortgage"
Unlike standard life and disability policies-where, upon receiving an approved claim, a consumer is paid a certain predetermined dollar amount for a predetermined amount of time-mortgage
http://www.ehow.com/about_5142551_mortgage-life-di...
Mortgage insurance is mortgage insurance, usually sold to the applicant at the closing of the purchase of a house. At the title company. It has nothing to do with life insurance,
http://wiki.answers.com/Q/What_is_mortgage_life_in...
Generally term life insurance to the extent of a mortgage debt , on the life of the household money earners.
http://www.answers.com/topic/mortgage-life-insuran...
Basically, you have mortgage life insurance so that in the event of an untimely death, funds are available to meet any outstanding mortgage balance.
http://www.askmen.com/money/investing_60/80_invest...
1 Additional Answer
It is no requirment but mortgage lenders encourage all borrowers to take out a life insurance policy, but it's only necessary if you have a partner and/or children.
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