It's a slightly higher interest rate, but you don't pay mortgage insurance. (buyersbrokersonly.com)
If you don't pay your mortgage on time or if your payment is for less than the amount that's due, you're in default on your loan. (consumer.ftc.gov)
It protects the family's ability to keep on paying the mortgage on the house or any other loan in case of sudden death of the income provider. (insureinminutes.com)