Should you buy a life insurance policy to pay off your home?

By Compuquotes Team on March 26th, 2008

A mortgage loan is a huge expense. Mortgages, Cars and Education are likely the largest expenses one has through out their lifetime. It's important that you take responsibility for your expenses and not burden your family members with expensive Mortgage loans.

So how much life insurance should you buy to cover your mortgage payment? It's a good idea to purchase a life insurance policy with enough benefit to cover the payoff of your home. Be sure to add all your outstanding debts or expenses plus your Mortgage loan to get the full amount of your life insurance policy.

Here is a Life Insurance Calculator.

The Life Insurance Calculator assumes you have passed and have immediate family to support. In this instance, you will want to calculate your monthly Mortgage loan into the equation. If you pass away and you don't have immediate family living with you then you can assume the home will be sold. In this instance, it is important to have enough life insurance to cove your Mortgage payoff. This way your loved ones can take care of all your other expenses and not worry about your largest expense. They can work on selling your property at a later date.

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