Why Is It A Good Idea To Get More Life Insurance After Getting A New Mortgage? 
It may not be a good idea to get more life insurance after getting a new mortgage . You may have enough already . Heres 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 dont . You will probably end up buying another policy :-RRB- . 