Life insurance products such as mortgage payment protection have been designed to protect your family and loved ones who may depend on you for financial support. In this blog, we’ll go through all the scenarios of when it’s a good idea to buy life insurance, based on your unique situation.
One of the most common questions asked about products such as life insurance and mortgage payment protection, is: when is it a good idea to purchase life insurance?
While there is no definite answer, the best life insurance choice for you will depend on several factors, including:
- Your age
- What stage you are in life (do you have children? Are you starting a business? Are you getting married?)
- Why you need life insurance (et. to protect your assets, to build wealth, to provide for your family)
Customizable Mortgage Payment Protection to Suit All Your Needs
At AIME, we pride ourselves on making mortgage payment protection as accessible, transparent, and affordable as possible. Our licensed agents work with you to help you find the insurance product that best suits your family’s unique needs.
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How Life Insurance Works To Protect Your Family
Life is full of risks, most of which are unexpected, but we can do something to protect ourselves and our loved ones in case of a setback. Life insurance is an essential tool in protecting a family’s economic wellbeing in case of a partner’s or parent’s sudden demise.
So How Does Life Insurance Work?
Life insurance is designed to pay your family a tax-free lump sum death benefit should you pass away unexpectedly. This benefit should be large enough to allow them to enjoy financial security and have the lifestyle they deserve.
The money from this benefit can be used as needed by your loved ones. For example, it can be used to:
- Pay off debts
- Ensure your loved ones remain in their family home
- Pay for your child’s education
- Ensure the needs of an aging parent or sibling with special needs
Remember: Life insurance can anchor your family financial security plan by helping to reduce risk and protect your family’s economic well-being.
4 Different Situations and Ways You Can Use Life Insurance
The following list will help you consider the various reasons why you may want to purchase life insurance and it will help you figure out if it’s the right time for you to look into buying this type of insurance or not.
You should consider purchasing life insurance if:
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You’re considering starting a family. If you buy life insurance as you’re starting a family, your rates will be cheaper compared to when you’re older and your future children depend on your income.
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You have a family. If you have a family that depends on you and your income, then you need life insurance. Without it, your surviving family members will face significant financial problems.
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You are a young single adult. If you’re a young, single adult, you may want to purchase life insurance if you help support an elderly parent or you want to help pay for your own funeral costs.
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You’re a homeowner with a mortgage. If you’re planning on buying a home with a mortgage, you should consider purchasing mortgage payment protection. Doing so will ensure that if you die unexpectedly, your mortgage will be paid off and your family will always have a roof over their heads.
Call Today
To find out more about how our affordable and flexible mortgage life insurance products can help protect your family home and ensure that your loved ones always have a roof over their heads, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
