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Life Insurance and Home Ownership

Posted December 19, 2012 in Advice Column, Downtown

Owning a home may be the biggest purchase you’ll ever make, and it’s important that you have it properly covered. But what would happen if a breadwinner were to die prematurely?

Would you struggle to keep up with the payments? Could you pay for your mortgage on just one income? Would you have to put off paying for your children’s education or just forego helping them all together?

That’s why you should consider term life insurance to cover the period until your mortgage is paid off. Your family can use the proceeds from the insurance to pay off the mortgage. This eliminates a major financial worry while allowing them to stay in the same home, neighborhood and school system.

Term life is one of the least expensive ways to buy life insurance. When you purchase 10-year, 15-year, 20-year or 30-year term life through Nationwide®, you have a premium that is guaranteed not to increase for the full term of the policy. Also, depending on the length of the term life policy you purchase, you will have a conversion period that will allows the opportunity to switch to permeant life insurance without taking a new physical.

As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age and has additional charges for riders that customize a policy to fit your individual needs.

What life insurance protection package is most appropriate for your family? To help you find out, feel free to call our agency and speak with either myself, BJ or Eric to set up an appointment.

Information provided by Jeremie Jordan, Jeremie Jordan Agency, 655 Walnut St., Suite 136, Des Moines, 515-288-3004.

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