Life insurance is a reliable means to help pay off the total mortgage
In the event of death of the principal mortgagee, without life insurance the house may go to fore closure. With life insurance, if the family wants to move to a better neighborhood, they can do it for securing a better future for their children. The family can also do it by paying off the remaining mortgage to stay in their comfortable home. This is why life insurance can be the best gift a father can plan for his beloved children. If we think deep, there is perhaps, no other match for life insurance as a beautiful gift for children. It guarantees that enough money will be there to make your dream come true even though you are buried.
When will your mortgage be fully paid?
It depends on the regular payment of the mortgage. Any additional amount of payment will help decrease the total length of payment. It may be okay to pay more than required. But, it does not cover the risk of a sudden death of the principal mortgage payer. Therefore, the surviving family is very likely to get into a big financial trouble in the absence of proper life insurance protection. On the contrary, if this extra additional payment goes into a life insurance policy as premium payment, the family is protected. And if the mortgage payer remains alive and the policy purchased is a whole life policy, he may use the cash value of the policy to help pay down the mortgage loan earlier (Of course, if you access the policy’s cash value through policy loans, you will pay loan interest and unpaid policy loans plus interest will reduce the policy’s cash value and the death benefit.). That’s why, you should consider purchasing life insurance policy to protect your mortgage, and from a reliable company. Please note that home owners insurance is not life insurance.
Life insurance provides certainty to make you whole again.
Death benefit of a life insurance provides protection from creditors and can help pay off the mortgage in the event of the insured’s death. You can discuss about your need with a life insurance professional to ensure peace of mind.
Call 347-280-8826 and step ahead to protect your single biggest investment.
Read this article in Bengali.