Buying a house is one of the most expensive things most people will ever do. With the average home in the United States now costing more than $200,000, it will take a half a million dollars to buy it outright once the interest on the loan is taken into consideration and for most people, thirty years of hard work. But what if something happens to you during the life of your mortgage? What will happen to your family if you should die before the house is paid off? Will they have a place to live?

One solution to this scenario, called mortgage life insurance, is offered by most lending companies. This is an insurance policy that the buyer purchases along with the loan; the premium is added to the monthly house payment. Should the buyer die or become disabled, the home loan will be paid off.

This may sound like a good idea. Should you buy it?

That depends. The idea is certainly a good one; no one wants their family to become homeless in the event of an untimely death. On the other hand, such a policy is rather limited. It does one thing only