Credit life is a type of insurance that will pay off the remainder of your mortgage if the insured should pass away. This is a costly insurance and only covers the balance of the mortgage that is left. Therefore, if something happened 13 years into a 15 year mortgage and the outstanding balance remaining was only $7,500, this is the amount the insurance would pay for after paying for the insurance for 13 years. Explore all of your options before obtaining this type of insurance. Many times a term life insurance policy will be cheaper and it will pay the full insured amount for the entire term of the policy.

If you were to die, be hospitalized or become disabled, your family may be unable to qualify for a mortgage to take equity out of your home to cover any expenses.
To protect your family, you should not only have life insurance, you should have an emergency fund of 6 months income in a liquid investment, such as a money market fund or a mutual fund, to get them through until insurance payments arrive.