Having enough life insurance to not only cover the loss of income, but also your family's other debts (such as house, car, credit cards, etc.) is a wise move. Even though it may feel like a struggle at the time if you have to scrape the funds together to cover the premium.
In the event the unthinkable happen, the house (and perhaps other debts) would be paid for and your family would have one less burden to worry about. Or, if you have mortgage insurance that is triggered by your disability or being unable to work (or disability insurance), then your family is covered if something should happen.
When you take out the loan on your house, the company financing your home will often insist that you include mortgage insurance as part of the arrangement. While this may seem like an unnecessary addition to your already full expenditure list, it does make financial sense for the mortgage company but also for you. However, just because you are buying mortgage insurance from one company doesn't mean that you need use that same company for your other insurance needs.
Take, for example, the case of Jane Dodd. Jane and her husband Eric worked hard to raise a down payment to buy a home. The Dodd family had three children, and they both decided that Jane should stay home with the kids. Eric had a good job and a solid paycheck so it wasn't a strain. But when Eric was tragically killed in car crash, Jane was left to support her family without an income.
Fortunately Eric had enough life cover to offset his financial contribution to the running of the household. He also had mortgage insurance. Jane received a check from the
life insurance company large enough to invest and support her and the kids until they were grown, and another check she used to pay off the mortgage on the home, which took away the largest monthly expenditure. Jane no longer had to worry about making the house payment each month, or dipping into the life insurance money to make the house payment. The mortgage insurance took care of that for them.
In such a difficult time, having enough insurance to cover the remainder of the mortgage, for many families, has made all of the difference in security, in having a roof over their heads, and in knowing that their futures are secure.
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Mortgage lender A mortgage lender is an investor that lends money secured by a mortgage on real estate. In today's world, most lenders sell the loans they write on the secondary mortgage market. When they sell the mortgage, they earn revenue called Service Release Premium. 
BorrowerA mortgagor is the borrower in a mortgage—they owe the obligation secured by the mortgage. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. 
Other participantsBecause of the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation.