My problem with mortgage insurance (also called decreasing term life insurance) is that Joe Average has MORE bills than just a mortgage payment. Fat lot of good it does to have the mortgage paid, if the house gets reposessed for failure to pay property taxes. Or if you can't keep the lights on.

Umbrella, well, it's EXTRA insurance. You can increase your homeowners liability limit to $500,000 and sometimes $1,000,000 at not much extra cost. So, the answer to that is, are you WORTH that much? If not, then why protect assets you don't have?

Life insurance is there to meet a GOAL. Decreasing term is more expensive than level term, and won't meet most goals very well. Set the goal FIRST, then figure out which product fits your need.