Why You Should Carry Life Insurance When Buying A Home

Life insurance is a must have for homeowners of all ages. The safety net offered by a life insurance policy is second to none when it comes to creating peace of mind for you and your family. The hard truth is that we will all die; some of us will be well after we hit our centennial and some far too soon. To make matters worse, there is also no real way to predict this.

Home buyers are particularly vulnerable to the machinations of life. the average first-time homebuyer in the United States is 34 years old, aligning perfectly with marriage and early childhood. The transition from the late twenties to the early thirties is fraught with significant events for most Americans, and these are often some of the most money-hungry years as well.

Raising a child, for example, costs just over $ 233,000, from birth to age seventeen, on average. Pair that with mortgage spending spanning decades, and it’s clear homeowners need to keep their jobs and work towards increased financial security for their family and personal monetary needs.

Life insurance acts as an essential safety net

Because of these overlapping financial obligations of great importance, life insurance is a must for your family. Many homebuyers have saved for years to raise the capital they need to put down the money on their first home. Plus, they’ve created a constant cash flow that will support their family over the next twenty years of monthly mortgage payments. Building on this is the goal, but the death of a spouse can bring incredible chaos to an otherwise happy marriage and life. In addition to the heartache and pain that a death in the family brings to those who remain, the financial burden of the death of an employee can quickly escalate heartache.

In a one-income family without a backup plan, one death can immediately and irrevocably destroy the lifestyle and stability you have worked so hard for. Life insurance coverage from a reputable insurance company eliminates this added difficulty. Many suppliers offer a life insurance quote, making the process of buying a policy to protect your family from the unknown incredibly easy.

Some policies can even help you in a traffic jam

Beyond the financial protection offered by life insurance in the event of a tragedy, an insurance policy can even help you fight against an unforeseen expense. Window replacement and residential glass needs are common among homeowners from all walks of life. With a policy that adds in-home coverage for certain emergencies, you can rest assured that your home will always be protected (for residential glass emergencies, contact your local expert).

Increased financial freedom is an included benefit

Life insurance allows you to relax and fully enjoy the fruits of your labor. Homeowners of young families often worry about what they will leave behind for their children. This question only grows over time. A great way to provide a strong legacy for your family is to increase your life insurance coverage as you get older.

The death benefit paid to your named beneficiaries can range from tens of thousands of dollars to well over a million dollars, depending on your premiums, the results of your medical examination and the terms of your life insurance policy. In order to make meaningful use of your estate, pumping free money into a life insurance payment is a great way to leave a financial safety net for your kids or spouse. In addition to the death insurance coverage for unpaid debts, this approach can generate real and significant financial freedom for those you leave behind.

Life insurance is a must for homeowners of any age. Make sure to weigh your options today.

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