Life moves unexpectedly, which is one reason why home buyers with live-in parents should always purchase a proper life insurance policy prior to closing on a new home.
After all, if you die with a mortgage, the mortgage still comes due. Your live-in family member(s) may not have the means the pay that debt off.
Thankfully, life insurance is not expensive.
A home buyer in their twenties or thirties can generally purchase a $1,000,000 life insurance policy, and pay close to $35 per month. That’s a small monthly payment relative to the size of the payout, in case of death.
And, people do die.
When you own a home and have a proper life insurance policy in place, the policy can preserve the quality of life of everyone who lives in your home.
The payout can pay off your mortgage, your credit cards, your student loans, and all of your other debts so those who survive you aren’t burdened with your payments.
Life insurance can also leave enough money left over to pay for full-time, in-home care for your loved ones who may need it.
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When your lender says, “you have to act quickly” is not some high-pressure sales tactic meant to make you feel fear. It’s the truth.