If you are the major breadwinner or a major contributor to family income, you should be insured. No one likes to imagine what will happen if they die, but it makes sound financial sense. Potentially, your life insurance benefit can mean the difference between your family keeping the home in which you live and losing it to debt if you are no longer able to provide for them. In general, if you are carrying a mortgage, you should carry at least enough insurance to cover the remaining mortgage so that your heirs aren’t left with an ongoing financial impact.
Tips to help you save money on life insurance:
- Only buy what you need
- Get the most appropriate coverage for a mortgage