A home is a very big investment. It can take many years of making constant payments before it is officially owned by you. Your family also depends on you to make those payments. But what happens in the event of your death? Can your family afford to keep the home you worked so hard to provide? The answer is different for everyone, but you can make sure that your family is protected by purchasing mortgage life insurance. You can easily contact an independent insurance company in Traverse City, MI to learn more about this type of insurance that could very well keep your family from being homeless in the event of your death.
Leave Your Family Safeguarded
No one likes to think about what will happen to their family if they die. But it is important to have safeguards in place that will make life a little easier while they mourn your passing. One such safeguard is mortgage life insurance. You can guarantee that your loved ones will be able to make mortgage payments with the funds provided from this type of insurance. Typically policy terms can be purchased from 15 to 30 years. Mortgage life insurance policies are normally not taxed either, so they are a tax free benefit for your family.
Purchase a Valuable and Affordable Premium
When you speak with an independent insurance provider you can inquire about premiums and whether they can be made annually, semi-annually, quarterly, or monthly. It may differ per insurance company; your agent will be able to provide this information upfront so quality premiums are created with this in mind. Typically the coverage needed is based on the balance of your mortgage. After you have paid your mortgage life insurance premium for five years, the amount decreases but will not ever reach an amount that is less than at least 20% of the original face value of the insurance. Payments may fluctuate over time but they should never increase the amount stated in your policy. It does not matter how large of a death benefit you have either, the insurance should pass to your family income tax free. When you speak with your independent insurance agent, ask if the different types of insurance you carry can be combined to receive a discount rate too. This can assist in coming up with policies that fit your budget better.
Johnson and Associates Insurance provide mortgage life insurance in Traverse City, MI. If you need to protect your family in case of your death, consider purchasing a mortgage life insurance policy.
