Mortgage Life Insurance

Why Getting A Mortgage Means It’s Time For Life Insurance, Too

Getting a mortgage is one of the most exciting decisions (and biggest financial commitments), you will make in life. You are taking on a loan of substantial size to give your family a home of its very own.

But having a mortgage is also a big financial responsibility.  So while you’re finalizing your home purchase and homeowners insurance, consider getting life insurance set up to ensure that your family will have the financial stability it needs to enjoy a long and memorable life in your new home.

As new homeowners, you will find a new sense of stability within your four walls, and also become rooted in the wider community around you. Your children will go to local schools and make local friends, and you and your partner will make new friends. Your neighborhood will become the center of your family’s life. Life insurance is one way to make sure that your family can stay in your community and feel loved and supported during hard times if something happens to you (and if your partner becomes solely responsible for the family, mortgage, and bills.)

How much life insurance coverage to purchase as a new homeowner depends on the size of your mortgage, how much your income and other assets help support that mortgage, and some individual preferences.  But taking out a life insurance policy that covers the balance owed on your mortgage ensures that your partner will not have to worry about the burden of large monthly mortgage payments.  Your family would receive one lump payment that could be used to pay off your entire mortgage if something happened to you.

Once you see how affordable term life insurance can be, you may want to consider getting life insurance coverage that covers the other expenses required to manage your household and ensure your family’s comfort as well.  For instance, you might want to factor in your family’s recurring monthly expenses beyond your mortgage such as funds to cover your children’s current schooling, future college education, or the costs of providing elder care for aging parents.

If you’ve been putting life insurance off for a while, your new mortgage is the perfect reason to finally get this family action item taken care of. The benefits of doing so are many, the largest of which is sleeping peacefully at night in your new home, knowing that your family will always be provided for.

It only takes a few minutes to check life insurance off of your to-do list with Ladder:

1. Understand how much coverage you need. The best way to estimate your coverage is to use a life insurance calculator and answer a few quick questions. It only takes a minute, and it’s extremely helpful to see how cost effective life insurance can be.

2. Get covered. If the estimated monthly payment works for you, the process to apply for coverage can take less than 10 minutes.  Once you complete it, Ladder always gives you an instant decision. If you accept an offer, coverage will begin immediately and you can cancel your policy at any time, no questions asked.  Also worth noting is that Ladder’s life insurance is dynamic — so you can apply to ladder your coverage (and payments) up or down as life evolves and your needs change.  

Life insurance is an important piece of your family’s security.  Spending a few minutes now to set up the right coverage for your needs will enable you and those you love to focus on what you love most, so you can get the most out of life and all it has to offer.