In case you have taken a mortgage then be prepared to get flood of mails from life insurance agents regarding insurance deals. Large debt is not only the factor that affects the amount of insurance needed. The main problem with these offers are that they are overpriced and get costlier as time progresses as premium remain stable but the face amount of the policy gets reduced on the same pattern as the debt is reducing.



In other words cost per thousand of coverage becomes higher and gets worsened over a period of time. After your death, besides paying off the mortgage and keeping your family debt free, your children and spouse would have income needs which are not addressed by mortgage. In case you require life insurance talk to your broker who can guide you in deciding which policy to buy and for what amount. He would be able to guide you through the hundreds of companies and the products they offer and help you in choosing the best out of the lot.