Life insurance
New mortgage or home equity loan? Check your life insurance first
A new mortgage or home equity loan raises the amount your family would owe if you died. It is a natural time to check that your coverage is enough and lasts as long as the loan.
What to compare
- The size of the loan against your current coverage.
- The length of the loan against the length of your policy.
- Whether coverage through work is likely to stay in place.
- Whether anyone else, such as a spouse, depends on your income to make the payments.
A note on lender policies
Lenders sometimes offer mortgage protection insurance. Compare it with a regular term policy, since the amounts, beneficiaries and flexibility can differ.
Have this ready when you call
- Loan amount and term
- Your current coverage
- Your income and your spouse's income
Common questions
Should the coverage match the mortgage term?
Many people choose a term that lasts at least as long as the loan.
Does a lender's policy pay my family or the lender?
That varies by policy. Ask who the beneficiary is.
Related answers
Rather talk it through?
Call 855-367-1095 and a licensed agent will go through your situation with you. There is no charge to ask, and no obligation to enroll.
- Licensed insurance help
- No guaranteed eligibility, pricing, or availability
- Educational starting point
Information on this site is educational and does not guarantee eligibility, enrollment, pricing, or availability. It is not a recommendation to buy any specific plan or policy.