Should I have a cover for my mortgage?

[ClarkiT]

Hey,
So I am a first time home buyer, I am single with no dependents currently. I have parents who would sell the house in case I am dead. I have a decent credit score with no existing loans. I have a short-term job, which I think is reliable. But evidently, we can never expect what will happen in the current scenario.
I was planning to buy a house next month or so. With the low mortgage rates, there won't be a better time to do so. But I presume I would require some kind of insurance to cover the mortgage like a mortgage life insurance. Because the world today is essentially a minefield, for who would have expected a pandemic such as this to destroy countless lives. But my parents don't think I would need a mortgage cover at the moment as I have no dependents and they won't keep the house if I die.
So should I be buying a mortgage insurance cover? Is that going to cost me more, is it an additional expense? I wouldn't mind having one if it won't cost me extra.
What are your thoughts on this?
Thanks!

 

[fed up]

Mortgage Insurance Protection MAY be required by your lender depending on how much you put down on your purchase. It has been required for any down payment less than 20% of the purchase price, depends on the lender. It is not usually something that you have much control over; you either get it and the loan or you don't get the loan

 

[rousemark]

Of course it will cost you to buy a mortgage term life policy. Nothing is free. However, at your young age term is dirt cheap.

Now, as to whether you need it or not. Would you like to give the house free and clear? Have you considered the fact that it may take them a long time to sell the house as you never know what the market conditions will be in the future? If I were fortunate enough to be in your position, I would buy the coverage.

Another coverage you might consider is disability income to provide enough income to pay the mortgage payments if you become disabled before the house is paid for. Will cost more than the term life but will be well worth it if needed.