Of course, that’s not always the case. When you have term life insurance, your policy can step in to make your mortgage – and other bills – disappear for good.
Just the Two of Us
But, should you purchase life insurance if you don’t have kids? Most experts say “yes.” If you have a large debt load. including a mortgage, a term life insurance policy is something that should at least be considered.
Example: Let’s say you are 35 years old and have around $200,000 left on your mortgage. If you made only the minimum payments, it should take another 29 years to pay off your loan. By applying for a $250,000 term policy, you would provide coverage for the mortgage and your funeral expenses if you died prematurely. The average price of this term insurance policy is about $24 per month, which is truly peace of mind at a small cost.
When Baby Makes Three
If you own a home and have a family, purchasing a life insurance policy is no longer optional. If you died suddenly or early, they would be left to pay the mortgage and find a way to continue their standard of living without your income.
The ages of your children and whether you want the life insurance death benefit to cover their college education can really affect how much life insurance you should apply for. At Quotacy.com, you can get as many instant term quotes as you want until you find the perfect fit. Term life insurance can be easily adjusted to fit your income and needs, and some life insurance is always
better than no life insurance at all.
When You’re Rolling Solo
Even when you roll solo, it could make sense to buy a reasonably-priced term life policy. If you have a mortgage, for example, you may want to make sure you have a policy to cover the mortgage on your home. Or, at the very least, you will certainly want enough coverage to pay for your final expenses, including funeral expenses.
Another thing to consider: If anyone co-signed for your mortgage loan. they would end up footing the bill if you died prematurely. They helped you when you needed it, so you should definitely help them by covering yourself with life insurance. Because you do not have any dependents relying on your income, getting a term policy that mainly covers just the mortgage may be adequate. If anyone co-signed on any other loans for you though, be sure to add the loan amounts for those (e.g. student loans) into the equation.
Here’s the good news: When you’re young and healthy, term life insurance can be incredibly cheap. Meanwhile, waiting too long could mean higher prices or being denied for coverage altogether. That’s not good. Fortunately, Quotacy can help you protect your loved ones. Running term life insurance quotes on Quotacy is easy and instant, and it doesn’t even require you to give up your personal information.
Buying a home is one of the biggest steps in building your future, but the next step should involve protecting your family in every way you can.
Do you have life insurance? How much insurance do you cover to protect your family? Is it enough?