Many people have a dream of buying a home and raising a family, both of which are expensive endeavors. But these expenses are willingly taken on in order to follow that dream. And it’s true that there’s nothing better than owning a home with which to raise a family in. But there are risks that come with that make themselves known very quickly. There’s the fact that missing payments puts the home into foreclosure and leads to the eventual loss of the home if the payments aren’t made good. As a result, you work harder to keep up with those payments. But what if you pass away sooner than later? Who pays the bills then?
One solution is to take on a mortgage life insurance policy to take care of the balance in the event you pass away before the balance is paid off. But this only covers the mortgage debt, nothing else. You’re better served by getting a quote for a life insurance policy, term or whole, that can take care of your family if the worst case scenario ever happens to you. The life insurance policy isn’t restricted to paying off one type of debt only and can be used in different ways that includes paying down the mortgage. It’s better to have flexibility with the benefit instead of being locked into one use only.
Take a look at the quiz from Health IQ below and see how well you answer the questions. There’s plenty to learn about when it comes to the differences between both types of insurance and how your family benefits.