Get Mortgage Protection With Life Insurance
A life insurance policy is built to help provide financial protection to your family if you were to pass away. But have you considered factoring your mortgage and your family’s home into that policy’s benefit? Sure, a life insurance policy could keep them on their feet if you were to pass away, but keeping your home in the family and making sure your loved ones have a comfortable place to live and thrive is crucial.
Life Insurance and Your Mortgage Term
Talk with your American Family Insurance agent about coordinating your life insurance with your mortgage — they can work with you to determine the right policy and coverage that can help ensure your family will be able to stay current on or pay off your home’s mortgage if you were to pass away. You may want to include your policy’s beneficiary in the discussions, too, to help develop a strategy for paying the mortgage and other expenses that depend on your current income.
What Are My Life Insurance Options?
There’s no one-size-fits-all life insurance policy at American Family Life Insurance Company. You can get a policy designed specifically to meet your family’s needs. Here are some of your options:
Term life insurance policies. A term life insurance policy is active for a specific amount of time. They don’t accumulate cash value and only pay out if the insured passes away while the policy is in effect.
If your specific goal is to make sure your family will be able to pay off your mortgage if you pass away, a term life insurance policy might be for you. And don’t worry — even if you change your mind and want to convert your term policy into a permanent policy like a whole life or flexible policy like MyLife Flexible Life Insurance, you may be able to (subject to policy provisions). We know your life insurance needs can change over time, and we’re always here to help you meet them.
Flexible life insurance policies. Another type of life insurance offered at American Family Life Insurance Company is MyLife Flexible Life Insurance. MyLife offers long-term, flexible coverage that can change as your life evolves. As an adjustable life insurance policy, it gives you the ability to reduce the amount of coverage or premium paid over time, which can resemble your mortgage balance being paid down. You may also be able to increase your coverage amount if you move into a bigger house with a larger mortgage balance, but coverage increases are subject to underwriting requirements. This type of policy also accumulates cash value.
Whole life insurance policies. A whole life insurance policy is just what it sounds like. Rather than only covering a set number of years, it covers you for your entire life.* It also has living benefits like cash value accumulation.
American Family Life Insurance Company offers many types of life insurance policies. Talk to your agent about customizing a policy today and getting the peace of mind you deserve.
Why Should I Get Life Insurance Now?
You might be wondering if it’s even worth getting a life insurance policy now — and why buy a policy if you’re young and healthy? Actually, there are lots of reasons why. Here are a few:
You may be able to get a better price. Getting life insurance early in life can be advantageous, since premiums are based in part on your age. Purchasing life insurance at a young age likely means lower premiums.
Relying on the life insurance provided through your employer might not be enough. Your employer might provide you with a life insurance benefit, but oftentimes, that coverage isn’t adequate for your family to support themselves if you were to pass away. Adding extra coverage that will set your family up for success is the right thing to do — and it can be affordable.
Recent life changes. If you’ve recently gotten married, had a child or have passed any other life milestones, you’ve become more important to your family than you realize. Your beneficiaries depend on you for emotional and financial support, and you can provide the latter even if you pass away by getting the right life insurance policy.
I Already Have a Life Insurance Policy. Now What?
If you know you have a life insurance policy already and think you’re all set, consider this — if you’re not in the exact same familial, employment or living situation that you were when you got your policy, your needs may have changed. Schedule a personal insurance review with your agent and they’ll help you perform a needs analysis. Your agent is a great resource to answer any questions and help you customize coverage to fit your needs.
Your home is worth protecting — that’s why you have homeowners insurance in the first place. But life insurance can help make sure your house stays in your family by providing a death benefit that can help pay off your mortgage balance, if you were to pass away. Get in touch with your American Family agent to get the right life insurance policy for your needs.
*Subject to policy terms and conditions, such as timely payment of premiums.
MyLife Flexible Life Insurance Policy Form number ICC13-97 UL; Policy Form number L-97 UL (AZ, ND, SD only).