When we’re focused on improving our health, by eating well and exercising regularly, it can be difficult to imagine what would happen to the roof over our heads if our health suddenly took a turn for the worse. How will my husband or wife pay the mortgage each month? Who will cover the cost of repairs? Will my family be forced to sell our home?

These are tough but essential questions to ask yourself when choosing a life insurance policy, which should be a key part of your home-ownership strategy. Read on to learn about the many ways life insurance can help protect your home and the ones you love.

Life Insurance Can Help you Buy a Home

Life insurance can be a huge benefit for prospective homeowners. Some types of life insurance policies can be borrowed against to pay for a home. This means you can borrow from yourself to help cover the cost of a down payment or other large expenses. As an added bonus, life insurance money is not taxable by the IRS.

For couples who can only afford a home if each partner pays in, life insurance is a great way to ensure that the mortgage will be paid even if one of you passes away unexpectedly. This security opens up the range of homes that fit within your budget.

Life Insurance Protects Your Family From Losing Their Home

Financial worries related to the death of a loved one can complicate the grieving process. This is especially true if the roof over your head is suddenly at risk of disappearing. For the majority of older Americans, housing takes up the largest part of their personal budgets, and a third of American adults over 50 are spending more than 30 percent of their income on mortgage payments. As a result, many people die before the mortgage on their family home is paid off. In those cases, the only options available to surviving family members are to sell the home or continue making payments, as the debt will not be forgiven. Life insurance guarantees that your family will be able to continue paying the mortgage.

Term Life Insurance vs. Mortgage Insurance

While mortgage insurance protects the house from being lost in a crisis, life insurance protects all financial assets (often including a mortgage) in the event of an untimely death. Financial experts agree, term life insurance is cheaper in the long run for healthy individuals, especially if they are given a rate that rewards their responsible lifestyle choices.

If you’re a healthy person who exercises, doesn’t smoke, eats well and practices a conscientious lifestyle, you may be eligible for a great rate on term life insurance that will cover the cost of a mortgage and other financial needs in the event of a catastrophe.

For some, having peace of mind that their family would be able to remain in the home is a top priority. But, everybody’s family situation varies, and sometimes the best move is to sell — maybe the children live far away, or the house requires a lot of upkeep, or the market is favorable for sellers. There are a variety of reasons to protect your family financially, even if the house is sold. Term life insurance allows your family to continue paying the mortgage for as long as they need to, and protects them financially in other areas of life. This flexibility and security is the best gift you can give your family during a disaster.

Why Go with Health IQ?

For the health conscious, acquiring life insurance after purchasing a home is a no-brainer. You deserve to be rewarded for making responsible lifestyle choices, and Health IQ can provide lower life insurance rates to protect your financial assets, including the house you call a home.*

Learn more about Health IQ life insurance for the health conscious at healthiq.com/life-insurance.

*This article is meant for educational purposes and must be considered in the context of your individual circumstances and other information.  Health IQ does not offer legal, investment, tax, or financial advice, and you should consult with your legal, tax, or financial adviser before making any major financial decisions. Outside companies, organizations, and studies to which this article links have no affiliation with Health IQ.

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