A life insurance policy can help relieve the stress and worry that comes with a home mortgage in the event of a premature death.
Purchasing a home is typically the biggest purchase of your lifetime and the mortgage is the single largest debt we'll ever owe. Think about what could happen if you or your spouse dies with no life insurance coverage. How would those mortgage payments get made? What would happen to your family home? For homeowners, protecting that investment with life insurance is a smart move.
Buying a house is a big step in many people's lives - whether you are a first time home buyer or have some experience in real estate. Most people take out a mortgage in order to accomplish this piece of the dream. With the average length of a mortgage 30 years, it is important to provide long-term protection for your family with a term life insurance policy.
A term life insurance policy can help relieve that stress and worry for homeowners. The duration of the policy term can be coordinated with the length of the mortgage, from as low as 10 years up to 35 years. You may also want to purchase a policy coverage amount equal to your home's value. Monthly premiums on a term life policy can be reasonable for the amount of protection you can get, especially if you're young and lead a healthy lifestyle.
As a homeowner, you've got a lot to think about. A term life insurance policy can offer a peace of mind and one thing less to fret about. Get a free term life insurance quote online or call to see how term life insurance can be a budget-friendly option that could help meet your needs as a homeowner.
Refinancing or remodeling your home?
Refinancing is also a good time to evaluate your life insurance needs and decide whether a new or additional policy makes sense for you and your family.
If you've engaged in a remodeling project, it may also be a good time to revisit your life insurance coverage. Your home remodel may have required an additional mortgage or investment, and added value to your home. If your remodel was driven by an increase in your family size, then that's another reason to review your current coverage and be sure your family is adequately protected.
Is Mortgage Life Insurance a Cost Effective Way to Ensure There is Money for Mortgage Payments?
If you're paying a mortgage, maybe you've thought about an insurance product called mortgage life insurance. With a mortgage life insurance policy, when you die, the policy is there to make sure the institution that lent you the money for your mortgage will get paid. That can be a big help to your spouse and family, but you might help them more with a term life insurance policy instead. It's important to get lots of information about mortgage life insurance before you buy to help protect your family's financial future. Additionally, a good term life insurance policy will take into account all the money that your family will need – including money to cover the mortgage payments. But there's more.
Most mortgage life insurance plans only cover the amount that's owed to the mortgage lender. By contrast, term life insurance coverage does not change as you pay down your mortgage balance, meaning you receive greater value from your monthly premium payments. Term life insurance policies pay benefits to your beneficiaries, not the mortgage-lending institution. As such, term life insurance policies give your family more flexibility to manage without you. They can use the money to pay the mortgage, or they can use it to pay off other debts, or make other investments to secure their financial future.
We can show you how a term life insurance policy could help to meet your family's needs. The amount of coverage may vary depending on your age and health, but our licensed life insurance agents can answer your questions and provide clear information on how term life insurance can help protect you and your family.
If you'd like more information, our knowledgeable licensed life insurance agents can answer your questions. We can give you a no hassle, no obligation free term life insurance quote from some of the country's leading insurers.
