If you own a home, you probably recognize the importance of homeowners insurance. You should also know the significance of having the appropriate amount of life insurance to cover your mortgage.
Consider for a moment, if your family would be able to maintain their home in the event of your death. Not only are there the mortgage payments themselves to take care of but there are taxes, insurance and maintenance costs. Would your family be able to keep up with the payments or would they be faced with selling their home? It is why, at the very minimum, you should have enough life insurance to pay off your mortgage.
The good news is that there are affordable life insurance products that can help you protect your family. Term insurance is insurance that will cover you over the 20 or 30 year mortgage term. In addition, there are “decreasing term†policies that are even more affordable. Decreasing term policies are designed to reduce in the amount of coverage as the years go by, and as your outstanding mortgage debt decreases.
Of course you can also make sure your mortgage is covered with whole life insurance. Whole life insurance will be more expensive, but it will build cash value as years go by, and you will still have coverage even after your mortgage is paid.
If you have a mortgage make sure your family doesnâ't have to struggle with payments should you die.
Contact us at
Cook, Disharoon & Greathouse. We will discuss your situation and come up with the proper life insurance solution for your family. At Cook,
Disharoon & Greathouse, we proudly serve the Oakland, California area and we would be happy to serve you.
