Life Insurance Can Offer Peace of Mind with the Purchase of a New Home
As a homeowner, you’ve got a lot to think about. A term life insurance can offer peace of mind and one less thing to fret about.
When my husband and I decided to buy our first house, we devised a way to save. We religiously put money away every week toward a down payment to our new home. Like many people we don’t make a lot of money and live paycheck to paycheck. We limited dining out, cut down to one week luxury vacation per year instead of two, no shopping for me, and less high-end grocery shopping! After a few years, we saved enough money for a 10% for down payment on our new home. Our savings accounts were drained to purchase new furniture, decorations and gardening. We quickly discovered, a new home creates a large debt for the next 20+ years.
With young children and a large mortgage, this means we still have to watch our expenses. Neither of us can afford to get sick, be out of work or worse die unexpectedly. We would have to put the house up for sale and have a big yard sale to make ends meet. The thought of losing our home was stressful, so we decided to talk to a life insurance Advisor to get a life insurance quote. After a needs analysis, he suggested a 20 years term life insurance policy for both of us.
The face amount of our life insurance policy was large enough to cover the mortgage and some left for the care for our children. Best of all, the monthly payments fit in our budget plan. We thought we could only afford a small policy to make up the difference between our employee benefits. When we received our policy, it was a relief knowing that our family was properly protected in the event either of us passed unexpectedly. The term life insurance gave us an adequate amount of coverage with an affordable premium and it helped lessen our stress and worry about our family financial stability before and after death.