You chose your home for a variety of reasons — safe neighborhood, good schools, nice yard, friendly neighbors. It’s the ideal location to raise your family. But have you considered what would happen to your family if you were to die unexpectedly? Would your spouse be able to afford the mortgage? Could your family continue to live in the house and maintain their lifestyle?
One of the primary purposes of life insurance is to provide for the financial needs of loved ones after your death. Buying sufficient life insurance can help ensure your family doesn’t have to worry about losing their home.
Real protection for loved ones
Sufficient life insurance coverage could help in many ways. It could help your family cover mortgage payments, property and school taxes and homeowner’s insurance premiums. Your insurance money could be used to maintain the house’s heating and cooling systems and pay for any needed repairs to the roof, cellar or driveway.
Life insurance could also help your family pay nonhome-related expenses, such as car payments or medical and child care bills and other expenses. And, when your children are ready to go to college, life insurance proceeds could help fund their tuition.
Real choices
You have many options when it comes to buying life insurance. There are policies designed to meet every need and budget. Term life insurance is a good choice if you’re on a tight budget. It provides coverage for a set period stated in the policy. Permanent life insurance is more expensive, but it provides more than a simple benefit paid out on your death. A portion of your annual premium payments will go into a cash value account that can accumulate interest tax deferred.
Want to know more about your insurance options? Contact me today.