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	<title>New answer on: Why Is It A Good Idea To Get More Life Insurance After Getting A New Mortgage?</title>

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	<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

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		<title>By: Larry Gilmore</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Larry Gilmore</dc:creator>

		<pubDate>Wed, 24 Jan 2018 09:00:43 +0000</pubDate>

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		<description><![CDATA[It is always a good idea to review your coverages when you have a new life event occur. Did your mortgage increase your debt? If so, maybe an increase in coverage is in order.  There will not be a single answer to this situation. You have to figure out what is important to you.]]></description>

		

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		<title>By: Steve Kobrin</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Steve Kobrin</dc:creator>

		<pubDate>Sun, 20 Sep 2015 19:35:08 +0000</pubDate>

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		<description><![CDATA[It may not be a good idea to get more life insurance after getting a new mortgage. You may have enough already.

Here’s how you could find out. Ask yourself the following:

Do I have enough coverage so that my spouse can pay off the mortgage if I pass away?
What if I take out a second mortgage? Do I have enough coverage for that as well?
What if I feel I have enough coverage for both the mortgage and my dependents - but then have another kid? Then I would need more of the benefit to replace my income, and so would have less to cover the bank debt.
How about any other family obligations? Are my parents financially secure? Any chance one or both would become dependent on me? If so, that would create a demand for more coverage.
Any business obligations? Is my partnership agreement funded? The services of my key people indemnified? Bank debt insured?
Estate preservation? Charitable gifts?

Can you see where I am headed with all these questions?

If you have completed a financial needs analysis, covering both current and future needs for life insurance, then you could be pretty sure whether or not you have enough coverage.

If you are like most other people, you don’t. You will probably end up buying another policy:)

.]]></description>

		

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		<title>By: Jeff Davis</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Jeff Davis</dc:creator>

		<pubDate>Wed, 01 Jul 2015 14:37:29 +0000</pubDate>

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		<description><![CDATA[A mortgage is typically the single largest investment a family will make. Not only is it a large financial commitment but it provides for one of the basic human needs; housing. 

As such this investment should be protected for the unexpected. Insurance is a great tool to do that. You can get what is called &quot;mortgage protection&quot; which basically can do a couple of things for the insured; 

1) You can have it tied directly to the mortgage so that in the event of an untimely death the house is paid off.

2) You can have enough coverage to pay off the mortgage in the event of death with the benefits going directly to your beneficiary to use as they see fit.

3) You can get enough to allow your beneficiary to continue to make mortgage payments until they decide to either sell the home, refinance the home or make other arrangements.

Protecting your investments is always a wise decision.]]></description>

		

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		<title>By: Crystal Wise</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Crystal Wise</dc:creator>

		<pubDate>Sat, 23 May 2015 09:44:21 +0000</pubDate>

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		<description><![CDATA[This is a good question.  Because you used the word &quot;more&quot;, I am guessing you already have life insurance.  Take a look at your coverage to determine if it would be enough to pay off the debt.  If it is not, then a term policy would be a great option.  

If this question came to mind because Mortgage Life Insurance was offered by the lender I would caution you to consider buying standard term life instead.  Since mortgage life insurance is designated to pay off the loan it typically has a decreasing benefit that is in line with the pay off of the note. Another words your premiums stay the same but the pay out decreases as your debt decreases. The beneficiary is the mortgage company, so if the note is sold or you refinance you will have to rewrite the policy too. There are scenarios where mortgage life insurance is a good option. One that comes to mind is if someone has an underlying reason why they may be declined for life insurance.  Mortgage life insurance can sometimes have less stringent medical screening.

Life insurance should always be designed around all your financial needs.  That is why it is best to work with a licensed agent who will take the time to understand your particular situation and advise you of your options.  

Good luck!]]></description>

		

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		<title>By: Peggy Mace</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Peggy Mace</dc:creator>

		<pubDate>Fri, 22 May 2015 20:32:39 +0000</pubDate>

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		<description><![CDATA[The debt to income ratio required to obtain a mortgage often necessitates two incomes in order to buy a home. If one of those wage earners were to pass away, it is nearly certain that the other will not be able to afford paying the mortgage on their own. Thus, in addition to adjusting to all the other difficult changes brought about by death of a parent and/or partner, survivors are forced to find and move to another home.

A low cost term life insurance policy with a face amount equal to the mortgage will pay off the mortgage and save survivors from much unneeded trauma.]]></description>

		

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		<title>By: Tim Wilhoit</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Tim Wilhoit</dc:creator>

		<pubDate>Tue, 19 May 2015 13:52:52 +0000</pubDate>

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		<description><![CDATA[The need for life insurance for most people increases with debt. The fact that your question states that you have a new mortgage suggests you now have a new debt. If you or your spouse or partner were to die and that income is lost, would it be a burden to the other loved one to cover this new debt? If the answer is yes, you need additional life insurance.

 If you just closed on the new house you will soon receive or be bombarded is probably a better way to describe it, with letters about mortgage life insurance. These letters will look as if they are being sent by your mortgage company, but chances are they are not. Life insurance companies pay mortgage lenders for their lists and their logos to create leads to sell decreasing mortgage insurance. As you pay off your mortgage through the years, the face amount or benefit to your loved ones decreases, because you owe less to the bank.

 If you purchase a guaranteed level term life insurance policy, then your loved ones get the difference not the insurance company. If you have a 30 year mortgage for $200,000, purchase a $200,000 30 year level term policy to cover that debt for your loved ones. When you pay off the mortgge drop the insurance coverage. Never leave a loved one holding excess debt when you die.]]></description>

		

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		<title>By: Stan Cox II</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Stan Cox II</dc:creator>

		<pubDate>Tue, 19 May 2015 04:14:04 +0000</pubDate>

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		<description><![CDATA[That is indeed a good question, and my answer would be, &quot;probably&quot;. If you already have a Whole Life policy that is making money for you and increasing in benefit each year, this would be a time that I would recommend a separate Term policy to cover the mortgage. If you have a 25 year mortgage, and you have a WL policy already, you might want to implement a 20 year Term policy for the amount of the mortgage. That way in the event of your death the mortgage will be paid, and possibly more, and your family will still have the benefit from the WL policy to help them with their other needs.]]></description>

		

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		<title>By: David G. Pipes, CLU®, RICP®</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>David G. Pipes, CLU®, RICP®</dc:creator>

		<pubDate>Mon, 18 May 2015 19:25:47 +0000</pubDate>

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		<description><![CDATA[The only reason to buy life insurance is when it is required by a contract (a mortgage doesn’t require you to buy life insurance) or you love someone.  If you love someone and want them to continue to enjoy the home and income you provide, life insurance is the answer.  If you are merely refinancing your mortgage, you probably have additional capacity to purchase life insurance from the savings on the mortgage payment.  Spend a minute the next time you are with a widow and ask them about the importance of being able to stay in the home that they were living in when they lost their spouse.  For most this is an enormous issue.]]></description>

		

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		<title>By: Ruth Ladas</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Ruth Ladas</dc:creator>

		<pubDate>Sun, 17 May 2015 15:34:10 +0000</pubDate>

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		<description><![CDATA[Great question. Life insurance can be used for many reasons and there are many types of products available. Term insurance is the simplest form. You pay the premium and the company promises to pay out if the unexpected happens. That may work for you. 

If you&#039;re comfortable and have an agent to work with, you may look at the larger picture and creating a plan that addresses more than the specific need to cover mortgage expenses. There are many opinions and options available on this subject!]]></description>

		

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		<title>By: Jerry Cantrell</title>

		<link>https://insurancelibrary.com/life-insurance/why-is-it-a-good-idea-to-get-more-life-insurance-after-getting-a-new-mortgage</link>

		<dc:creator>Jerry Cantrell</dc:creator>

		<pubDate>Sun, 17 May 2015 12:07:21 +0000</pubDate>

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		<description><![CDATA[Anytime something major changes in your life it&#039;s a good idea to evaluate the amount of insurance coverage you need. With a mortgage I would recommend a term policy that covers the length of your mortgage. If your mortgage is 20 years purchase a 20 year gauranteed level term, or for a 30 year mortgage purchase a 30 year term. This is the most economical way to protect you and your family if a tragedy occurs. If soemthing happens your spouse has the funds to pay off the mortgage. If not your cost remains level while the mortgage is in force and goes away when the mortgage is paid off. To save money you may want to ask your insurance agent about layering the term policies to cover your mortgage.]]></description>

		

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