Best Life Insurance for Mortgage in 2019
It’s an unpleasant conversation, but life insurance is a key consideration for anyone with a family – as it’s important to think are your finances protected should the worse happen.
The purpose of buying life insurance is to make sure that if one of you died, the other would have the mortgage paid off and other expenses, using the proceeds of the insurance payout or be able to afford to keep paying the mortgage.
How much Life Inurance for Mortgage should I cover myself for?
The whole point of the insurance is to pay a lump sum to those that rely on your income once you’re gone.
For couples and families it’s about considering what your financial situation would be if one of you died – what would you do?
A rough rule of thumb is to cover 10 times the main breadwinner’s income, yet you don’t have to stick with that.
It may just be a case of do what you can afford.
And generally you’d get cover for children until they finish full time education.
Consider plain Life Insurance instead of Mortgage Insurance
Skipping on mortgage protection insurance doesn’t mean you have to go without coverage.
Instead, you could buy life insurance.
With life insurance, your payout remains the same through the term of the policy and the money comes with no strings attached.
For example, if you had a $300,000 mortgage and took out a policy for the same amount, your beneficiaries would still receive $300,000 even if you had paid down your mortgage in full by the time the claim is filed.
And life insurance is generally much cheaper, too.
It typically could end up costing you half as much.
The cost of life insurance doesn’t hinge on your credit rating, savings or assets. It’s determined by your age and the results of a medical evaluation that’s required every time you seek coverage.
Life Insurance for Mortgage Quotes Online
We can’t know when we’ll pass away.
It could be today, tomorrow or 50 years from now, but it will happen eventually.
No amount of money could ever replace a person.
But more than anything, life insurance can help provide protection for the uncertainties in life.
Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone.
Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss.
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