Death isn’t something that we normally like to think about, but when it comes to protecting your family from a mountain of debt, it’s a subject that should definitely be discussed. If you were to pass away, would your spouse be prepared – and financially capable – to handle all of your debt all on his or her own? Have the professionals at First Foundation guide you in the right direction to ensure that your loved ones are protected from financial hardship in the event of your death.
Essentially, there are two major types of life insurance: personal life insurance and mortgage life insurance. Each is different and have their pros and cons. Read more about them below.
Personal Life Insurance - This life insurance product provides a specific dollar amount to your beneficiary at time of death. Term life insurance, universal life insurance, and whole life insurance options are available. Critical illness and disability insurance are important life insurance options to consider as well.
Mortgage Life Insurance - Learn more about this life insurance product that pays out the balance of your mortgage at the time of death. Available through mortgage lenders, banks, or life insurance companies, like Manulife’s Mortgage Protection Plan, many options are available.
The details of your life insurance policy will vary based on a few factors. Details, such as your state of health and your age, as well as how “risky” your lifestyle is, determine what your monthly life insurance premiums will be. In the case of mortgage life insurance, the amount of your mortgage will also determine your premium amounts.
Life insurance, whether it be personal life insurance or mortgage life insurance, can remove the “what ifs?”, and provide you with peace of mind if something were to ever happen to you. It’s about understanding the life insurance products available to you and, ultimately, protecting the people you love. Let First Foundation Insurance help you protect your loved ones.
If you’re interested in obtaining more information for either type of life insurance, please contact First Foundation today.