Term Life Insurance when you Buy a House

By Compuquotes Team on April 19th, 2008

Buying a house is one of the biggest investments that a person or a couple can make. It can be worth much, much more than the annual salary of a family, and is something that offers a great deal back even while you are paying the mortgage. Many families also sink a great deal of money into improving their homes, which may come out of the equity in the form of a home equity loan.

These loans add up to a lot of money due every month, which is affordable by you and your spouse because you are working as a team. These mortgages often run into the hundreds of thousands of dollars, but many couples have never even considered term life insurance to take care of one another should the worst happen. In fact, many couples do not consider term life insurance until they are ready to have children, however it can be just as detrimental to your loved one should something happen to you.

A mortgage is a huge commitment, and if you should die, someone you love may be forced to take that burden on all by themselves. If your loved one cannot handle the expense and the trouble that a mortgage takes on their own, then they may be unable to make their payments and could even lose the house to foreclosure if they are not fast enough to sell. While this may end ok, with your loved one moving on and picking up the financial pieces, it could also lead them to a terrible financial burden that could even sink them.

To avoid this problem, it is a wise idea to invest in a term life insurance policy. This policy will keep your loved ones covered so that should something happen to you, they will be able to continue to make payments on the house, or even pay off the house entirely. This works both ways, allowing you to take care of the home payments should something happen to your spouse. Even if your spouse does not contribute financially to the household, replacing that person's duties in the home could cost you either time that you don't have, or money that you won't have.

A term life insurance policy is a very small expense that could add up to a priceless form of security for your family down the road. A term life insurance policy could be the difference between your wife and children living in a single room with relatives versus being able to continue to make the house payments as they try to go on with their lives. This may seem drastic, but a house payment is no small matter, and a person who is left with such an unexpected burden could easily be sunk by it. It is an incredibly small investment that buys you a lot of piece of mind. Your loved ones will thank you for the silent promise that no matter what happens to you, their needs, at least financially, will be taken care of.

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