Life insurance considerations
when buying or refinancing a home
Life insurance considerations to think about when buying or refinancing a home
Buying a new home is an exciting time. Refinancing an existing property may have put a bunch of cash in your pocket.
If you have recently took out a new mortgage, odds are you will be receiving a whole bunch of calls from excited life insurance agents eager to sell you a policy to pay off your mortgage if you die.
These agents get your information from public records because they know people understand the importance of having a life insurance plan in place to pay off their mortgage if anything were to happen to them. They don’t want to have the debt be a burden to anyone they love.
We understand that as well.
To help you make the best decision about your mortgage protection plan, here are some considerations you will want to make before buying life insurance to pay off your mortgage after buying or refinancing your home:
Consider Other Risks That Could Prevent You From Paying Off Your Mortgage
When you are looking at adding life insurance coverage plan to protect a piece of property from its mortgage liability, it is also a good time to look at your overall insurance plan.
Life insurance is just one of the pieces of a strong financial foundation. Other pieces include:
- Your Health and Medical Insurance
- Disability Income Replacement Coverage
- Long-Term Care Coverage
- Home, Auto and Liability Insurance Coverage
- Legal Protection
- Estate Planning (Wills, Trust and Beneficairy Designations
Make an insurance plan with Decision Tree Financial
We love educated shoppers and we know you will want to know which companies will give you the best policy at the best rate. The quotes you will receive on are life insurance quote tool are actual prices but there are variables you will want to consider.
For example, do the policies have any additional benefits, how do life insurance companies underwrite and assign rate classes and do the policies have an option to continue coverage after their expiration date.
We are here to help you make the best decisions about purchasing life insurance for your family.
