Whether you are shopping for a new home with all the activity, decision-making and planning involved or if you are an experienced homeowner who has finally gotten everything about the house just the way you want it, there may be one piece of the puzzle that some of us overlook. In order to make your family truly safe and sound in their happy home, you may want to make sure your life insurance coverage takes your mortgage loan balance into consideration. Here’s the bottom line; if you were to pass away, there needs to be a plan in place so that your family can afford to stay in the home they know and love. It’s traumatic enough going through the loss of a loved one. Most of us would not want our family to lose their home as well.

Which Type of Life Insurance for Mortgage Protection?
What type of life insurance you may ask? Term life insurance is by far the most common choice for people who are looking to make sure their mortgage balance is paid off in the event of their death. Term life is the least expensive coverage with every dollar of premium going toward insurance protection. Term life insurance does not provide cash value accumulation. If you provide yourself with life insurance coverage in the amount of your mortgage balance, the proceeds can be used to eliminate the family mortgage payment in the event of your death. This is one of the most common uses of life insurance. And to make things easy for you, eLifePolicy has created one of the fastest and easiest processes in the life insurance industry so that you can get your coverage quickly and simply if you qualify. Start your instant online quote here.

Even If You’re Gone…the Mortgage Payment is Still Around
Unfortunately, the expenses of a family continue uninterrupted even when the death of a breadwinner occurs. The mortgage loan obligation that was met each month as a result of a steady income may be in jeopardy in the event of the death of one of the heads of the household. This can be a harsh reality for some. Those with the proper amount of term life insurance will have the cash exactly when they need it most to pay off the mortgage loan. You can also purchase an amount of term life insurance to pay off only part of the mortgage balance. This approach would ease the financial burden for the surviving family members but not eliminate the mortgage balance entirely. Here’s the thing to remember; at the death of the person primarily responsible for making the mortgage payment, the bank or mortgage lender still requires payment. Life insurance is the answer.

Need Help Understanding Life Insurance Terminology?
If you are new to the insurance arena and are confused by the many terms and phrases mentioned throughout, a full explanation of Glossary of Terms is provided so that you can easily determine what you need to know when it comes to purchasing a Life Insurance policy.

About the Author:
Mr. Sy Alter is a Chartered Life Underwriter and a veteran insurance professional with more than three decades of experience in the life insurance arena. Mr. Alter specializes in areas of insurance, estate planning, buying and selling insurance, deferred compensation and corporate benefits. He maintains a solid track record of success working closely with families, doctors, lawyers and high profile individuals and businesses. Mr. Alter has also developed a lofty level of expertise providing life coverage to individuals with health impairments ranging from by-pass surgery, hepatitis, diabetes, sleep apnea as well as various types of cancers and other maladies. Mr. Alter has been guest speaker at the Financial Executives Institute as well as many other professional meetings and conferences. As President of Spectrum Direct, he is available for consultations and speaking engagements and can be contacted by e-mail at salter@spectrumdirect.com or by phone at 949.600.7901.