One of the hardest things we may be forced to face in our lives is the loss of a spouse.
Sure, having life insurance won’t bring our loved ones back, but it can substantially help ease the financial impact on those left behind – including making sure they don't have to worry about having to move when they already have so much to manage.
You may not realise it now, but losing a partner can lead to a situation where we are forced to replace our home, or we may even lose it.
Loss of a partner also means loss of an income, especially if they are the main breadwinner in the family, which can have far-reaching effects. So, it goes without saying that sometimes, families can no longer afford to stay in their homes.
Therefore, having a plan in place, including buying life insurance and making a will that you keep up to date, can give you peace of mind that your loved ones will be able to stay in and take care of your family home. That will be possible because the one-time payment of a valid claim helps provide financial opportunity – whether that means paying a mortgage or supporting other expenses.
Making sure your loved ones can pay off a mortgage is a common motivation to buy life insurance. And for some lenders, having life insurance is mandatory. After all, it's the largest amount of money most people will ever borrow in their lifetime.
While nothing can make the loss of a partner or loved one easier, one good reason to buy life insurance might be to make sure your family has the financial resources to help them stay in their home. So if they move, it's because they want to, not because they can't afford to stay.