Buying A Home
Buying a home is generally one of the single biggest purchases that you’ll ever make, and perhaps the most important. After all, it’s not just a house that you’re investing in; it’s your home. It’s the place of comfort and security, where you may raise your children, make memories and share joy.
Buying a house can also mark a considerable change in your financial situation. A mortgage can impact your debt to asset ratio. You’ve likely now developed new financial obligations. For most people, a considerable portion of their income goes towards paying for this new obligation. Typically ⅓ of a person’s income goes toward housing. What would happen if there was a sudden drop in your income?
While these thoughts may be far from mind as you’re getting ready to close the deal, they are certainly something worth considering. Buying a home is a substantial financial investment and with that investment comes a need for preparation. Just as you might invest in homeowner’s insurance, health insurance, and car insurance, you must also invest in insuring your income with life insurance.
Benefits of Being Insured
If you already have a life insurance policy in place, purchasing a new home is an important time to update it. If you do not have life insurance, you’ll likely want to get some.
You may receive mailers or hear about purchasing mortgage insurance. Think twice before you dive in to this idea. Typically, mortgage insurance premiums are comparable in price to a term life insurance policy but it only covers your mortgage. A term life insurance policy will cover any items and financial obligations you want to include in the policy, usually with more benefits for less money.
Learn more about why buying a new home is the perfect time to add a life insurance policy to your profile.
Future Financial Security
Your home is often one of your most valuable assets. While buying homeowner’s insurance might seem like a logical choice to protect your new investment, life insurance can be just as important. Here’s something to consider.
When you purchase a new home, you are also purchasing a new lifestyle. Perhaps more space for a growing family, a new school district, or the ideal proximity to family and friends. If something were to happen to you, would your family still be able to afford to live in their home? While some may have savings, it is often far from sufficient for long-term support. Life insurance is designed to provide income security, giving designated beneficiaries long-term protection. It is intended for your family to maintain the lifestyle you worked so hard to give them.
Lock in the Lowest Rates
When it comes to insurance, we can all agree that better coverage for less cost is ideal. Well, with that same thinking in mind, it makes sense to invest in life insurance sooner than later. Why? If you don’t want to pay more than you have to for life insurance it is in your best interest to obtain coverage early on. The lowest rates are typically available to those who pose little risk and are in good overall health.
Waiting to get insured for a few years or even 10 years down the road may seem wise now, but it’s likely going to cost you in the long run. Life insurance tends to become more expensive as you age. Not to mention that getting insured now can provide a financial buffer for your beneficiaries if the unimaginable were to occur.
Offset Final Expense Costs
Did you know that the average funeral can cost anywhere between $2,000-$10,000? This is a considerable financial burden, especially when you are grieving the loss of a loved one. Life insurance can help offset some of these hefty final expense costs for your loved ones in the event of your passing. Paying for final expense costs can be a tremendous burden to bear. Why not eliminate or reduce this burden for the ones you love most?
Funding of Future Education
Do you have children or are you planning to have children? If so, do you want to one day be able to provide them the opportunity to further their education? Life insurance can help provide the necessary funds to make this dream a reality. Higher education is becoming increasingly difficult to obtain as costs continue to rise. Life insurance can be utilized as a college savings plan.
Life insurance is less of an investment for yourself and more of an investment for the ones you love most. If you’ve recently purchased a home or are getting ready to purchase a home, now is the perfect time to learn more about your coverage options. If you’re ready to start exploring your options, Contact Us Today or check out our user-friendly quote engine. Simply enter your zip code to compare quotes instantly. There is no personal information require and you’ll be able to see real time rates. Get your free, no obligation, quote today!