Life Insurance Decisions

Mortgage Life Insurance

August 23, 2016

Q: I have two preschool-aged children and I bought life insurance on my mortgage from a financial institution. Will that be enough coverage for my family?

A: Most people consider life insurance an expense and buy insurance for an amount that is equivalent to their total debt including mortgage, loans and credit card balances. This is only a partial solution.

Life insurance creates instant capital. Your largest asset is your lifetime earning potential and in the case of death, your family has to replace your income, at a minimum, until your youngest child finishes school and starts a career.

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