If so, life insurance may be just the protection your family needs, in case you pass away. Why? Because, life insurance pays your beneficiary direct so they can use the proceeds for any reason..including paying off the mortgage and staying in the home you shared with them.
Source: ProQuest Information and Learning and The Gazette Newspaper Group Westside Gazette
What would happen if you-the primary income producer or even as half of a annual-income partnership-suddenly died? Besides the emotional trauma, a surviving spouse may experience a significant decrease in household income that could lead to foreclosure. That's why many banks and mortgage companies encourage homeowners to purchase mortgage life insurance.
With personally owned life insurance, you have more choices and control because your surviving spouse (assuming he/ she is the beneficiary)-not the lender-receives the insurance proceeds at your death. Your spouse decides what to do with the money. He/she can pay the mortgage in one lump sum or continue paying it down periodically. Plus, personally owned life insurance is portable, which means if you move in a few years, you won't have to replace your insurance, which could be a costly process. Furthermore, even after the mortgage is paid, personally owned life insurance can provide other valuable benefits. Read entire article.
Life insurance provides you with flexible, affordable protection for your family, and your home.
Learn more about term life insurance for homeowners.
Insurance without any Medical Exam,
Just a Few Health Questions.
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