How Life Insurance Can Help Your Loved Ones Keep Their Home
When a loved one passes away, they can leave behind a lot of expenses. In some situations, the loss of a family member can mean the loss of income, which can mean their family has to find a new place to live. Life insurance is one of many smart ways to help protect your loved ones financially after you pass away, and that includes helping them stay in their home.
So can life insurance be used to help pay for housing expenses like rent or a mortgage? We’ve got the answers that can help you keep your family in their home after you’ve passed away.
What Type of Life Insurance Can Help With Mortgage Payments?
Any type of life insurance policy’s death benefit can help pay down a mortgage or other housing expenses. The type of life insurance you choose depends on your individual situation. Consider factors like your income, your partner’s income, your monthly expenses, any debts you have and the potential cost of funeral expenses when considering life insurance.
Reach out to an American Family Insurance agent to talk about your life insurance needs. They can help you select the right insurance policy for where you are in life. And they’re experienced at helping you calculate just how much life insurance you need to help protect what matters most.
*Any loans taken from your life insurance policy will accrue interest. Any outstanding loan balance (loan plus interest) will be deducted from the death benefit at the time of claim or from the cash value at the time of surrender. If the loan balance grows too large for the cash value to support it, the policy could terminate.
Policy Forms: ICC18-33 (10), ICC18-33 (15), ICC18-34 (20), ICC18-35 (30), L-33 (10)(ND), L-33 (15)(ND), L-34 (20)(ND), L-35 (30)(ND), L-33 (10)(SD), L-33 (15)(SD), L-34 (20)(SD), L-35 (30)(SD), ICC18-36 (10), ICC18-36 (15), ICC18-36 (20), ICC18-36 (30), L-36 (10)(ND), L-36 (15)(ND), L-36 (20)(ND), L-36 (30)(ND), L-36 (10)(SD), L-36 (15)(SD), L-36 (20)(SD), L-36 (30)(SD), ICC17-225 WL, L-225 (ND) WL, L-225 WL, ICC17-226 WL, L-226 (ND) WL, L-226 WL, ICC17-227 WL, L-227 (ND) WL, L-227 WL, ICC19-97 UL, L-97 UL (ND), L-97 UL (SD)