Life Insurance For My Mortgage
Do I need life insurance for my mortgage? The simple answer is yes!
Let’s face it for the average person today in the United States the largest expense will be the home that they purchase for themselves and their family to live in. Most people choose the home they live in for the location, school district, night life, etc. Regardless of the reason why a home was chosen, the home is very important to a family’s stability. Most families require dual incomes to afford the home that they are living in. Ask yourself, could you afford your mortgage payment on a single income? If the answer is no, then you need life insurance.
Why protect my home with Life Insurance?
Regardless of your answer to if you could afford your home on a single income, what will be the emotional impact if you had to leave your home in the midst of the loss of a loved one because you couldn’t afford the mortgage payment? We make sure that we can replace our homes in the event of a fire, flood, or any other choice of disaster but we far too often don’t take the measure to protect our homes in the event of the loss of a loved one. It only makes sense to protect your home in the event of losing a loved one to not add to the emotional stress involved when someone passes on.
How much Life insurance do I need to protect my home?
It depends. You will want to make sure that you will be able to pay off your mortgage if you are planning on staying in the home. Also keep in mind the other expenses that also go with a home such as property tax, home owners insurance, utilities, and maintenance as these expenses will affect the amount of insurance you will need to ensure that your family will be able to stay in your home. Many people also take into consideration the type of life they would like their family to live. So many people also include the cost of college for the kids.
It’s important to take action today to protect your family so they can stay in their home because of being prepared for the unexpected. Give us a call so we can help your family be prepared with all of your insurance needs.