Life insurance can cover the costs for what may be your most valuable asset
For many Americans, a home is typically their most valuable asset. More than that, it’s where they see their family growing up, reaching milestones and achieving dreams. In the unfortunate event that a family provider were to pass away, a life insurance policy can be used to help pay the mortgage so the family could remain in their current home.
Select-a-Term is a flexible term life insurance policy where the length of the policy can be set to match the length of your mortgage. There are 18 different term periods with Select-a-Term, including 10-year, 35-year and every length between 15 and 30 years. For example, if a family has 23 years remaining on their mortgage, it might make sense to secure coverage for the time needed and consider a 23-year policy.
While mortgages have increased, premiums for Select-a-Term policies have declined
While home prices continue to climb – and the size of mortgages increase as well – protecting home mortgages with Select-a-Term life insurance has become less expensive.
From 2008-2024, the average price of a home rose 31%1 while the price for Select-a-Term decreased 48%.2 The cost for a healthy 40-year-old to get a 20-year $500,000 Select-a-Term life insurance policy has dropped almost by half over that time—from approximately $65 per month to approximately $33.
Peace of mind is surprisingly affordable
Life insurance can contribute to peace of mind – knowing that, come what may, you have the protection you need in place for your loved ones. While so many products and services have gone up in price, the cost for life insurance – and the protection and peace of mind that life insurance can bring – has become more affordable than ever.