Sanborn Consultants "Insurance with a Heart"
Call 860-448-2243
lorraine@sanbornconsultants.com
We can help you complete your Life Insurance Puzzle.
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Sanborn Consultants
Licensed in CT and RI
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A mortgage is a considerable financial responsibility, one which most likely hinges upon a steady income. Without your assistance, the payments may become difficult to make or, even worse, impossible to meet. Life insurance can help.
A life insurance policy can protect your family from the financial obligations of making mortgage payments without your salary. In the event of your death, your family will still be accountable for mortgage payments, which may be unaffordable without your contribution.
To protect your family from bearing such a burden and possibly losing the house, we recommend purchasing a life insurance policy. Although there are other insurance options, such as mortgage protection insurance, the wisest and most economically sound choice, is to buy a life insurance policy.
The death benefit of your life insurance policy should include the amount of your mortgage. In the event of your death, the policy's proceeds will cover the entire cost of your mortgage, your house will be paid off, and your family will have one less thing to worry about.
The alternative to mortgage protection insurance
If taking out a mortgage has already substantially cut into your finances, life insurance is even more important. Although your mortgage payments may make paying premiums for a whole life insurance policy unimaginable, there are cheaper options.
As an alternative to purchasing a permanent life insurance policy or mortgage protection insurance, explore the option of buying a term insurance policy for the same duration as your mortgage. This alternative is much less costly. The premiums will be considerably lower, but the coverage will remain the same.
At the end of the policy's life, you can then decide whether you want to renew or convert the policy or if you would rather discontinue the policy. This approach guarantees mortgage protection at the lowest cost.
