Term Life Options

If you recently purchased a home you may be wondering what would happen to your family should you die, since you just joined the 30-year debt club. The easiest and most affordable way to protect yourself and your family is to purchase term life insurance for thirty years. That is what we call Mortgage Protection insurance in the industry. This policy will pay off the mortgage should you die unexpectedly within the 30-year term.

Options

There are so many options on term life insurance policies. It is crucial that you review them all and decide which are best for you.

• Return of Premium Rider – This rider is great in that it will pay you back your entire premium, minus the cost of the rider if you live longer than the policy term. This is a great rider for healthy and young homeowners, and it is reasonably priced.
• Additional Insured Rider – Rather than getting an extra policy for your spouse, you can take a lower cost approach and add them to yours. This is especially great if you are both providing an income for the family.
• Child Term Rider – A low-cost way to insure all of your children, current, and future. Keep in mind this is only for the term of your policy, probably thirty years.
• Waiver of Premium Rider – Should you become disabling or terminally ill, this rider says that the insurance company will pay your monthly premiums. This is an easy way to help cover costs if something should happen to you and you can’t work or have to work less.

Since you just took on a 30-year debt, insurance is something you will want to keep costs down on. Term life insurance is the most modest way to pay off your mortgage should you die. Compared to whole or universal life it is a bargain.