Blood Orange Blackberry Rum Punch

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How does life insurance protect my family? Life insurance, unlike mortgage protection insurance, covers more than just your home loan, it is used to cover your debts so that your loved ones aren’t left with any hefty bills to pay. It also differs from building insurance which covers the house itself against damage from fire, break-ins, and natural disasters. So, if something happens to you and you can’t repay the bond, life insurance pays out a lump sum to cover the outstanding amount so that your family can stay put and continue to thrive. Do I have to have life insurance as a homeowner? Strictly speaking, you don’t, unless the bank or bond originator that’s giving you the home loan requires it. But, if you consider the risk to your family’s financial future if you don’t get covered, it’s strongly advisable that you do. How much life insurance do I need? In this case, the right amount of life insurance is enough to cover your home loan if you die. Of course, if you don’t already have life insurance to cover your other debts, you probably want to get enough cover to make allowance for that too. Remember that, because you’re making monthly repayments on your bond, the outstanding bond amount is going to get smaller, so it’s a good idea to reduce you cover each year. This in turn can lower your premiums.