Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Is Mortgage-Only Life Insurance Enough? #insurance #mortgage #debt

23 Sept 2026 · 0 min

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In this segment, Richard Canfield challenges the common belief that a term life insurance policy only needs to cover a mortgage or car loan. He explains that as people refinance mortgages, purchase new vehicles, and consolidate debt, their financial obligations can grow substantially. If a policy purchased years earlier isn’t adjusted to reflect the larger mortgage balance and added debts, the coverage becomes insufficient. Canfield labels this failure to update coverage as fundamentally irresponsible, urging listeners to regularly reassess their life insurance needs in line with changing liabilities.

The conception or the misconception that we hear is, I only need enough insurance to pay off my mortgage or to pay off my car. Well, people refinance mortgages, people buy new cars, they get into debt again, they consolidate debt, they get into hot water. And so if 5 years ago you got a term policy that covered your mortgage and that was it, and then you refinance the mortgage and now it's almost double the size and you consolidated a bunch of debt, but you don't adjust the insurance, like, that's irresponsible fundamentally.