Term Life Insurance

After marriage, buying a new home is the most important step you will take in your life. It is expensive, beyond any money you can think about; it is a long process and a major milestone in your life. Then there is the loan application process, another hurdle you have to get over. Finally escrow closes and it?s all behind you. You have a new home.

These are exciting times and are certainly not the times that one has bad or dark thoughts, but considering and investigating life insurance has just become an important factor ? you are now going to make monthly mortgage payments on your new home. Most home loans are long term commitments, so considering a term life insurance policy is an absolute must. What would happen if you were killed or incapacitated in a road accident? Would your wife be able to cope with the mortgage payments? Term life insurance is what you need to cover this unknown aspect of your new home.

Term Life Insurance Offers the Best Protection
Term life insurance policies are straightforward. You buy a fixed face value policy for a fixed time period. How much to buy? The rule of thumb is usually 5-10 times your annual salary, but it also depends on your debt and how much your family would be comfortable existing on should your spouse be unable to work. The length of time you want your policy to run also depends on such factors as the current age of your children and what income you anticipate once your children are grown and making an income for themselves. You should take the loan amount of your new home into the calculations. Will the term life insurance pay out be enough to pay off the house? Will the insurance pay out keep your family going for the remaining amount of time left on the home loan?

Some Tips for Buying Term Life Insurance
o Obtain several term life insurance quotes. Insurance is a competitive market.
o Make sure that the policy is guaranteed renewable regardless of health.
o Make sure that your policy comes with a fixed premium.
o Insure with an "A" rated insurance company.

Now You Can Relax
With a term life insurance policy securely in place, you are assured that the home you buy today will be enjoyed by your family for years and years.