You carry a mortgage
The bigger the balance, the more your family depends on your income to keep the house. Check what covers it today and who that coverage pays.
Service 01 ยท Life insurance
Life insurance your family owns, not your lender.
If your income stopped tomorrow, would your family keep the house and keep their plans? I help you find the amount that answers yes, and a policy that fits your budget.
What life insurance does for your family
If you die, the insurer pays a lump sum to the people you name. When you own the policy personally, that money goes to them tax-free. They decide how to use it: pay off the mortgage, replace your income, cover childcare, or keep the children's education plans on track.
The question I help you answer is simple. If your income stopped tomorrow, would your family keep the house and keep their plans? The right amount of coverage is the amount that turns that answer into yes.
Term or permanent
Term insurance covers you for a set period, such as 10, 20 or 30 years. It costs the least per dollar of coverage and fits needs that end, like a mortgage or the years until your children are independent.
Permanent insurance lasts your whole life and can build cash value. It fits needs that never end, like covering taxes at death or leaving money to your children or a charity.
Most young families start with term. Many term policies include the right to convert to permanent later without new medical questions, which keeps your options open.
Creditor life insurance or a policy you own
The bank offers coverage when you sign your mortgage. Before you keep it or drop it, compare what each one does.
| Bank creditor life insurance | Life insurance you own | |
|---|---|---|
| Who gets paid | The lender. The money clears the loan balance. | Your family. They choose how to use it. |
| Coverage over time | Falls as you pay down the mortgage. | Stays level for the term you choose. |
| Renewing or switching lenders | Coverage can end. You may need to apply again, older and at new rates. | Coverage stays in place. |
| When your health is checked | Many branch plans review your health answers at claim time. | Health is reviewed before the policy is issued. |
| Cost | Often costs more than individual term coverage for a healthy applicant. | Priced on your age and health. I compare insurers. |
Plans differ. Some mortgage protection plans sold through mortgage brokers are underwritten at application and stay with you. I look at the plan you have before suggesting any change. Never cancel existing coverage until a new policy is approved and in force.
Worth reviewing if
Someone depends on your income
A spouse, young children or parents you help support. Your coverage should match what they would lose, not a round number picked years ago.
Your only coverage is through work
Group life is often set at one or two times salary and usually ends when you leave the job. It may be less than you think, and it is not yours to keep.
Common questions
How much life insurance do I need?
Start with what your family would need to pay off: the mortgage and other debts. Add the years of income they would need to replace, and goals like education. Subtract the coverage and savings you already have.
We work through this on the call. Your free written plan shows the math, so you can see how we reached the number.
Is my coverage at work enough?
For some people it is. For most families with a mortgage, it covers part of the need. It also usually ends when you change jobs or retire, which is often when replacing it costs more.
Should I buy term or permanent?
It depends on what the money is for. Debts and income needs that end point to term. Lifelong needs, like taxes at death or an inheritance, point to permanent. Many families use some of each.
What if I have a health condition?
Insurers ask health questions and some ask for a medical exam. Each insurer treats conditions differently, so I compare several before we apply. No one can promise approval or a price before the insurer reviews your application.
Should I cancel my mortgage creditor insurance?
Not before a new policy is approved and in force. Dropping coverage first can leave your family with nothing if you are declined or something happens in between. We compare both and decide together.
You might be fine. Find out in 15 minutes.
Tell me what you have today. I will show you what it covers, where the gaps are, and whether anything needs fixing.
Book a 15-minute review
Or call or text (647) 627-2480