May 26, 2021

You purchased a new home. And the best movers in Chicago helped you enjoy a smooth and efficient move into your new home. So, what’s next? 

Purchasing a home is a major life milestone. And the mortgage for your new home is a major financial obligation. After you’ve moved in and insured the home itself, your next step should be purchasing life insurance for your mortgage.

What is life insurance for mortgage protection?

Life insurance for mortgage protection is a reliable way to establish financial stability and secure your home for your loved ones. It can also help ensure that your mortgage will still be paid if something happens to you.

When you purchase a new home, you are investing in your future. Your home is one of your most valuable assets. And here’s another valuable asset: your ability to earn income to pay your mortgage and other bills! If you’re unable to earn income, life insurance for mortgage protection will ensure that no one is left with the financial burden of your mortgage.

Why do you need life insurance for mortgage protection?

Your home is much more than just a roof over your head. It’s the place where your family will grow and your life will evolve. A life insurance policy protects your human life value. That means that when you put a life insurance policy in place, you make sure that your family will be able to keep the home no matter what.

Life insurance for mortgage protection is an expense that you should budget for when you prepare to purchase a home. So as you plan out your finances, don’t only look at your mortgage and the cost to move. Include life insurance in your financial plan!

How do you know which life insurance for mortgage protection policy to purchase?

Finding the best life insurance policy to fit your needs might sound like a daunting task. But don’t worry! It’s easy to find a financial professional to help you. These experts can guide you through all of your coverage options—including custom coverage and a combination of multiple coverage types.

Here are a few options to consider as you research different life insurance policies:

  • Term policy – a short-term coverage option that covers the balance of your mortgage for the first 10-15 years, when your amount owed is the highest.
  • Whole life policy – a long-term policy that lasts your entire life, or until a maturity date that you select.
  • Custom coverage – a combination of coverage options that may include insurance for additional expenses such as childcare, retirement savings, and medical expenses.   

When you choose a life-insurance-for-mortgage policy, you want to rest assured that your family will be able to pay off the mortgage in case something happens to you.

After you move your life, insure your life!

Moving into a home that you’ve purchased is a major life event. And an exciting one! Contact Move-tastic! to make sure that you get the best moving service in Chicago. And then contact Bennie Currie to help you find the best life insurance for mortgage protection!

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