After purchasing my first home i was told and advised by my bank to get a life insurance for myself and my wife. Is it really necessary to buy life insurance when i am trying to save enough money to pay my monthly mortgage? If it is really necessary to buy life insurance, which type of life insurance should i go for? The term life insurance or the permanent universal life insurance? I do not know if it is because those bankers are just trying to sell me some life insurance product for their own goals and commissions.