Homeownership is an integral part of the American dream. For most families, the purchase of a home is one of the most challenging, drawn out, exhausting and expensive activities in their entire lifetime. All the paperwork you do at closing is proof of how big of a deal this is!
If you are financing a home a lender REQUIRES that you have homeowners insurance to protect your/their investment, so if you take the steps to insure your home, perhaps the largest purchase in your lifetime, what are you doing to ensure the singular greatest asset you own stays within your family for as long as YOU wish and determine?
Your homeowners insurance protects the structure…. but have you taken the steps to protect the income of what makes homeownership a reality in case someone who is financially responsible for it dies?
Life Insurance is able to do that, and so much more. Life insurance is the avenue through which your family ensures you are able to maintain your quality of life, regardless of what happens.
Life insurance allows a family to be able to retain and maintain their home removing the potential for others to dictate when a home must be sold due to inability to pay the mortgage, taxes, etc.
You’re probably thinking:
- “How much insurance do I need?”
- “Do I have enough insurance?”
- “What if I leave/quit my job will I have life insurance?”
- “Should I get insurance now, I am young and am not married or have kids?”
- “How much insurance do I need?”
- “Do I have enough insurance?”
- “What if I leave/quit my job will I have life insurance?”
- “Should I get insurance now, I am young and am not married or have kids?”
Use the following equation to determine how much life insurance you need to ensure your quality of life and for your family to maintain their home in the case of a death.
- $25,000 = An average funeral cost (yes, it’s that expensive to die!)
- Total Debts – Total mortgage, student loans, car notes, credit card debts, etc….
- A minimum of 5-10 year’s worth of annual income of the person who has died
- Any special wishes you have (i.e. you want to leave $30,000 to each of your kids, or $50,000 to your church)
That above total is what your total “insurable need” is…. and if you don’t have that amount available to your loved ones, you are putting them in a very unfortunate and uncomfortable situation.
If you, or someone you know, has not had this conversation, and cannot say with absolute, supreme confidence the following: “my family is financially secure, no matter what happens to me” – it’s time to open up a conversation on this very important matter.
At The Homeowner’s Agent we aren’t interested in just helping people buy and sell homes, we want to assure you’re properly and financially protected. You worked hard to buy your home. We want to help you keep it due to an untimely death of a loved one.
You will never be “ready” to have this conversation, but now is the time. Reach to us or directly to our good friend and colleague, so you can have peace of mind knowing your family is protected.
Justin Pollack
World Financial Group
M – 407-325-5331
E – [email protected]