In the current economic times, homeowners may want to consider looking into mortgage life insurance to protect their mortgage and hence protect their family in times of financial crisis. Purchasing a home is a major expense that requires a significant and long term financial commitment. When you initially apply for a mortgage, you are approved for loan funding based on your financial status at the time of application. Most people do not expect that their financial situations will get worse over time, but in some cases that is exactly what happens. After all, how long could one continue to pay their mortgage in the event of a disability or a job loss?