If you still haven’t gotten your mortgage life insurance, let’s agree to make 2008 the year when you get it done. I know there is a lot of talk about the economy going down, but I don’t really buy into it. Our economy in America is still second to none. The way we live proves that. Unfortunately, the way we live may also have something to do with the seemingly down turning economy.
In America, we seem to live on credit. We all want everything, and so we go out and get it. But there is a problem with buying everything on credit. At some point, you have to pay it back. I think a lot of people forget this, and instead they go on spending sprees.
Many people struggle to pay their bills, and yet they have nice cars, nice homes, nice tvs, nice clothes, and everything else nice you can think of. Maybe that’s the problem. Instead of spending beyond our means, we need to spend within our means. And if that means we need to be smarter about how we live our financial lives and learn some accountability and bookkeeping, then so be it. If people were smarter in how they spent there money, most people would never have financial struggles. That may sound naive, but if you never spend beyond what you have, how can you have financial struggles?
So, let’s make this year a year of change. Let’s review our finances, make budgets, and make sure we get the most important things taken care of–mortgage life insurance protection being one of them.
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January 16th, 2008 at 6:55 am
There are a few different ways to protect your mortgage with insurance.
One standard approach is to buy mortgage protection insurance that decreases over time, and pays the proceeds to your loan company to pay off your outstanding mortgage loan.
Another type of protection is mortgage term life insurance that provides level term life insurance protection for 10, 15, 20 or 30 years.
If you pass away, the proceeds of the level term life insurance policy go directly to your beneficiary to be used as necessary. The proceeds of a term life insurance policy are usually paid free from federal income tax.
Level term life insurance provides rates and coverage that remain level throughout the term of your life insurance policy. Learn more about Mortgage Life Insurance.