The Importance of Life Insurance for Homeowners

If you were to pass away suddenly, do you know what would happen with your family’s finances? Could your family afford to say in your home?  Most homeowners are aware that home insurance is a necessity, but many forget the significance of life insurance and the positive impact it can have on your family. 

Making sure your family is properly protected if the unthinkable happens is a critical consideration when purchasing or refinancing a home. Knowing the exact amount of life insurance, you need can be tricky, a good place to start… take your salary times 10-15 years and talk to a life insurance agent. Often protecting your family is more affordable than most people realize. 

Life insurance is important, even for young, healthy people. Accidents and illness happen, and not having life insurance could put your family in a devastating financial position.  Imagine your loved ones being forced to sell your home because they cannot afford the mortgage payments, property taxes, or other debts you’ve leave behind.

NerdWallet says that “If you’ve recently gotten a mortgage for a home, life insurance can help you avoid leaving behind a large loan for others to manage. You may want to buy a polcy or increase your coverage amount in the following circumstances:

• Your family would struggle to make mortgage payments without your income. 
• You co-own your home with your partner or spouse, or someone else co-signed your mortgage, and you don’t want them to shoulder full responsibility for mortgage payments. 
• You want your loved ones to inherit your home, but your estate doesn’t have enough money to pay off the mortgage.” 

Remember life insurance is not a “one size or one type fits all” situation. At the Haddad Wilson Group, we offer Term, Whole Life and Indexed Variable Life. 

Term Life often considered Temporary Insurance are the most affordable and cost effective. Term policies can protect your mortgage, fund your buy-sell agreement, and provide collateral for your loan. Most plans allow you to pay a set premium that will not increase over the duration of your term. These policies may allow you to convert to a permanent policy without underwriting.

Our current Whole Life or Permanent Insurance policies are intended to last for a lifetime, regardless of when death occurs. If you pay your premium (and any outstanding loan interest), we guarantee a death benefit even if you live to be 120. 

To learn more about life insurance or to start the application and quote process, please contact our agency 517-580-7832

Haddad Wilson Group is located at 403 S Clinton St, Grand Ledge MI 48837.  Protecting your future, the things you value and the people you love for 15 years.