The main purpose of Mortgage Life insurance is to provide for your families financial protection; to ease the burden on a family when the unthinkable happens. This benefit will help the survivors with significant debt, taxes or any outstanding bills the family has to settle. With this protection the family will not have to sell off their most valuable asset, your home!
Things you should think about: |
To help you determine how much Mortgage life insurance you need, you should review the following financial information. Important factors to note include:
- Any existing life insurance policies
- Expected immediate expenses at the time of death, such as final illness expenses, burial costs and estate taxes;
- Estimated transition expenses to help finance a move or find a job;
- Day to day expenses, such as monthly bills, daycare costs, college tuition or retirement.
- What premium amount would fit comfortably into your budget?
- Would a lower initial premium or a consistent premium amount be most appropriate for you?
- Is access to cash values for future expenses necessary?
- Do you prefer a death benefit and cash values that vary with the market performance of underlying portfolios of investments
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