Home Owner Life Insurance – Are You Covered?

The first thought that goes through your head when you first buy a new home is probably not life insurance. Home owners insurance, yes. Flood insurance, possibly. Life insurance? Doubtful. You are probably more concerned with the cost of purchasing the home first and managing the mortgage payments second. You are also probably more concerned with getting the new home furnished and decorated so maybe talking about life insurance right now is not the most pressing item on the "worry about" list. But believe it or not, this may be the best time to think about life insurance.

If you are a young, first time home owner you will find that this is the best time to lock in low premiums while they are still affordable. Plus, your house may be appreciating in value, depending on where you are located in the country right now, and this makes it even more important to protect your home and family just in case something happens to you.

So how can life insurance help secure the family home?

When you purchase a life insurance policy you want to be sure to carry enough to cover the mortgage. If the insured person dies, you want your family to receive enough money to be able to pay off the home and stay there without hardship. Either term or permanent life insurance can be an effective way to help provide the appropriate amount of coverage for your family. By sitting down with your agent, you will be able to determine which will work best for your circumstances.

Remember when doing this type of planning that figuring out how much life insurance you need is a little more complicated than just providing for payment of funeral expenses and debts after you are gone. Many times, a spouse, child or other relative depends on your income for a portion of, or for all of their support. Most insurance agents recommend a minimu

Home Owner Life Insurance Are You Covered?

By: Theodore Henderson

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