Buying a new home is an exciting part of anyone’s life – getting the keys, moving boxes, thinking of decoration ideas. However, the one thing some people tend to overlook is how this new purchase will affect the family’s financial stability if something were to happen to the main breadwinner of the family. A whole life insurance policy could be one possible solution to prevent this.
Whole life insurance provides life-long coverage to the insured. For example, in the case of premature death, your family won’t need to sell the house to pay off the mortgage. As well, the premiums remain constant throughout the entire life of the policy, and it can be used as an inheritance, as beneficiaries would receive a lump sum upon the death of the insured. This product could also be combined with other features or benefits, depending on the insurance provider and the type of whole life insurance product.
If you are concerned with having long-term financial security, this product could provide you the peace of mind you need to make the significant commitment to home-ownership.