You may or may not need life insurance with a mortgage.

Your lender may require you to carry mortgage insurance if you are making a low down payment on your home. Mortgage insurance names the lender as beneficiary and the death benefit goes to the lender to pay off your mortgage loan upon your death.

However, you may want to consider mortgage term life insurance if you own a home with a mortgage. Mortgage term life allows you to name your spouse, or anyone you choose, to be...