Term Life Insurance for New Homeowners

Buying term life insurance for your family is a great gift that you can offer them by allowing them to continue to live in your beautiful new home, even if you should happen to pass away unexpectedly before the mortgage is paid off.

Buying a home can be an extremely tedious, stressful and lengthy process.  Your emotions will run the full spectrum from fear and anxiety to total elation, and you will probably find yourself wondering if was the right decision, or if you really can afford it.

When it comes to buying term life insurance for new homeowners, the most important consideration is whether or not your life insurance payout will be enough to pay off your mortgage as well as to support your family until they can support themselves.  Even if your spouse decides to take on the monthly mortgage payments for tax purposes, will the insurance benefit offered to him or her be enough to sustain them completely for the rest of the time on the home loan?

3 Key Term Life Insurance Tips:

1) All term life insurance policies are developed to be the most cost effective but you should still shop around to make sure you are getting the best deal out there.

2) Shop around and obtain as many term life insurance quotes as you can to ensure that you are getting the best price and the best coverage to protect your family in the event of your death.  You may find the exact same coverage in several different carriers, but may be cheaper in some states and much more expensive in others.

3) Make sure you are getting the right kind of term life insurance.  Because there are three different forms and each is a little different and offers a different level of benefits at different monthly rates.

It’s difficult to think about the potential of a tragedy, but thinking about term life insurance is an unfortunate but necessary part of every family’s financial planning plan.