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If you have a mortgage on a home $500,000 or more, mortgage life insurance may be an essential for your family. Someone who has just lost their spouse and is being faced with a large household income loss will probably have a very hard time making the big mortgage payments that can come with a $500,000 plus mortgage. Of course, mortgage life insurance can help any home owner, however, the larger your payments, the harder it will be for your spouse to afford on his or her own.