One of the biggest investments you will likely make in your lifetime is your home. Before you purchased your home, you took deliberate measures to ensure that you could afford your home. You saved for years for a down payment; you protected your credit to ensure your interest rate was low; you purchased homeowner’s insurance to ensure the structure and contents were protected. However, what happens when your family can no longer count on your income? Who pays for the house? With the right life insurance policy, you can pay off your house in the event of your demise.
Understanding Term Life Insurance Policies
There are different types of insurance policies, including whole life, universal life and term life. Each policy offers the policyholder different benefits. In particular, a term life insurance policy offers the following benefits:
- Large death benefits
- Lower premium payments
- Flexible terms
- Accelerated death benefits
A term policy is effective based on the terms. Typically, you can purchase a term life insurance policy for 10, 20 or 30 years. As long as you make your premium payments as prescribed and don’t violate your insurance provider’s conditions, you can keep the policy for the term and beyond. By purchasing a 30-year term life insurance policy, you have a backup plan to help you eliminate your mortgage.
How Term Life Insurance Can Help Your Family
Nearly everyone is familiar with life insurance. In fact, most people see the value in having life insurance to help cover the financial costs of final expenses; however, with term life insurance, you can help your family pay off your mortgage if they can no longer count on your income.
By purchasing a term life insurance policy, if you develop a terminal illness or you are no longer around to support the family due to death, your insurance policy will pay your family a lump sum. With this money, they can continue to live the life they’ve grown accustomed to in the same house they’ve lived in for years.
A term life policy is a perfect solution to an unmet need. These policies are affordable, provide you with large death benefits and are convertible if you choose to do so once you pay off your home.
With the purchase of a term life insurance policy, you reduce the chances of your family losing the family home if you are not alive to continue to support them. As the household’s provider, purchasing a term life insurance policy to take care of your family is a means to continue to take care of them when you can’t physically do so.
Protect your family’s future. Call First Independent Descamps Insurance Agency at (888) 513-8784 for more information on Sterling Heights life insurance.