As a homeowner, you know the responsibilities that come with owning a house. Over the years, you've probably invested many hours and lots of hard-earned money to increase your property's value, creating a safe and comfortable home for you and your family. But have you done all that you can to safeguard your investment?
While homeowners insurance may protect you from theft or damage, do you know what will happen to your home if something happens to you, the breadwinner?
Life insurance can insure your life and replace your income in the event of untimely death, your family can continue to live in the home you have provided without financial devastation. Your family can use the death benefit from your policy to replace your income, cover the remaining mortgage on your home and pay for any debts and/or expenses.
In addition, a permanent life insurance policy can accumulate cash value (similar to home equity), depending on the type of policy you have.
How to Use Life Insurance to Protect Your Home?
First, decide how much death benefit you need to cover the cost of your mortgage. Then, I would help you determine what type of life insurance is appropriate for your particular situation, such as term vs permanent life insurance.
A permanent life insurance can provide protection for a lifetime, while building cash value or equity at the same time.
Once your mortgage is paid off, your permanent life insurance may be used as a source to supplement your retirement income or to fund your child(ren)'s college education.
Do You Already Have a Life Insurance?
While you may already have a life insurance policy, does it provide enough coverage to replace your income when you are gone? Without enough funds, your family may struggle to pay the mortgage and keep up with their current lifestyle, and may be forced to sell your home to make ends meet.
A life insurance needs analysis can help determine the appropriate amount of insurance coverage you need. If you don't currently own life insurance or haven't reviewed your policy in a while, a needs analysis can help you determine what's best for you and your loved ones.
Don't wait until it's too late...protect your family today.
Contact us today to see how a life insurance can protect your home and create a potential wealth for you.