While you’re not required to take out life insurance if you have a mortgage, it’s something well worth considering. Life insurance makes it so that your loved ones can pay the mortgage should you die unexpectedly. But, there are other things you can do to improve your and your loved ones’ financial security along with purchasing life insurance.

If you increase your mortgage payments, applying the extra to the principal of the loan, you can drastically cut down the term of your mortgage. This can save you money on life insurance over the long term, because you’ll pay off the mortgage quicker and need less life insurance once you own the home free and clear. While you should still have life insurance to protect your family should they lose you and your income, the lack of a mortgage payment means you can purchase a smaller policy, and smaller policies have smaller premiums.

But not everyone with extra cash should increase mortgage payments. Many mortgages today have very low rates, and some consumers may be better off using spare cash to pay off higher interest debt first, such as that on credit cards.

If you have a mortgage, it’s wise to periodically compare life insurance policies to make sure that what you’re paying for is the best life insurance for your needs and budget.