Your Home Is Your Family's Foundation. Don't Let Them Lose It.

If anyone depends on your income to make mortgage payments, then yes — life insurance is essential. Without it, your family could lose their home. A term life policy that matches your mortgage term ensures the house is paid off if something happens to you.

At minimum, enough to pay off your mortgage balance. Most financial advisors recommend your mortgage balance plus 10-12x your annual income to cover ongoing expenses, property taxes, maintenance, and your family's other financial needs.

No. Mortgage protection insurance (MPI) only covers your mortgage and the benefit goes directly to the lender. A term life insurance policy gives your family a lump sum they can use for anything — mortgage, living expenses, education, or savings. Term life is almost always a better value.

Ideally, yes. If you have a 30-year mortgage, a 30-year term life policy ensures coverage for the entire loan. Some people choose a 20-year term if they plan to pay off the mortgage early or refinance.

Lender-offered mortgage protection insurance is typically more expensive and less flexible than a standard term life policy. It only covers the declining mortgage balance, while term life provides a level death benefit your family can use however they need.

Absolutely — and it's the best time to do it. You're likely at your youngest and healthiest, which means the lowest premiums. Many new homeowners lock in coverage within 30 days of closing.