Bought a New Home!? Why A $1 Million Term Life Plan Can Help Secure Housing Costs For New Homebuyers!
New homeowners have a large responsibility of paying their mortgage until it is eventually paid off. Term life insurance plans allow security for their customers in case of an incredibly unexpected and unfortunate event.
Homeowner Expenses After a Death in the Family
Purchasing a home is an incredibly large purchase, and leads to continuous payments down the road. If, god forbid, there was a death in the family, the costs endured would be extremely high. Contacting an agent to help put your house on the market is an expense, including purchasing a new house, getting new furniture and items for said new house, and overall dealing with the grief of losing a family member within that time period. Below is a graph illustrating some of these expenses:
How Term Life Can Help With Costs of a New Home
Although there is mortgage insurance, term life insurance is a great purchase in terms of allocating money for your mortgage. If you have recently bought a house, the more mortgage you will need to pay off since you have not begun your payments yet. An advantage of term life insurance is that in case of an unexpected death, you can buy enough coverage to meet all of your family’s needs. In contrast to mortgage insurance which only includes the repayment of the mortgage, this can be more helpful. Term life insurance buyers typically choose a coverage amount that can also replace the insured person’s income while also covering their children’s college tuitions and other expenses.
