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Becoming a homeowner is rewarding at what makes it worthwhile is everything that you did and have been through to finally be able to have a house that you can call your own, that you can call your home.
And here comes bearing the responsibility of maintaining mortgage payments. Don’t get us wrong, mortgage debt is actually considered as a “good debt”. Equity increases overtime so paying off your balances isn’t a bad thing!
But what happens when the dreaded unforeseen happens? What happens to your mortgage payments when you fail to duly pay the dues because of your death?
In your untimely demise, are the loved ones left behind equipped to continue making the payments or will they lose the home you’ve built with them? In health, sickness, and death, Binns Financial Group is here to help you set up a plan to ensure that your mortgage payments are never disrupted. Start securing your mortgage with us today.
ETHOS LIFE INSURANCE
Technically, final expense insurance is a whole life insurance policy specifically marketed to cover the expenses associated with a funeral, memorial service, reception, cremation and/or burial. It is also commonly known as burial insurance, funeral insurance, or cremation insurance.
But while it is described as a policy to cover final expenses, beneficiaries who receive the death benefit are not required to use it to pay for final expenses — they can use it for any purpose they like. That’s because final expense insurance really falls into the category of modified whole life insurance or simplified issue life insurance, which are typically whole life policies with smaller death benefits, often between $2,000 and $20,000.
When buying final expense insurance, you will have to answer a series of questions related to your age and health. After you're approved, coverage will be in effect as long as you pay your premiums.
Because final expense insurance typically does not require a medical exam, it is often much easier to qualify for coverage even if you are older or in poor health. So if you can't qualify for traditional whole life insurance, final expense insurance may be an option.
But you may also find that final expense insurance does not provide the level of coverage you would want to leave behind for your loved ones. If you have dependents who rely on you financially, a final expense policy may be able to help cover funeral expenses and end-of-life medical costs, but not much else. It may be smarter to get term life, whole life, or a combination of the two to provide a much more significant death benefit.
Also, if you already have a life insurance policy, your death benefit may already be enough to cover funeral expenses and you likely don’t need extra final expense insurance.
I do offer a debt elimination program for my clients.
The specialist will develop a plan for you to eliminate your mortgage and your credit card debt and anyone else that you owe and keep it off. You may pay off your mortgage in 10 years or less.
This is a long-term program that works without you having to greatly increase the amount of money you spend every month.
There is a saying about compound interest, "he who understands it, earns it, those who don't understand it, pay it." Your money will be deposited into an insurance contract that earns compound interest.
If you pay off your mortgage early and pay off all of your credit cards and keep it off, how much money will you have at the end
of the month? What would you do if you had a bigger bucket? l know what I would do, I would have so many bass guitars that I would have to hang some in every room.
When you're working a 9 to 5 job over the years, investing on your retirement is a must. Even when you think it's far away, there's no better time to start as early as possible than today.
Your retirement funds can grow with you in your work life journey. A retirement plan will let you fully enjoy your retirement years without having to worry about anything at all.
To simply put it, you will never run out of money because you will have a return on your investment and you can safely withdraw funds from the portfolio you built to sustain you.
Binns Financial Group is here to help you set up a plan to ensure that you will have the right amount of money saved once you close the work life chapter of your life.
No one wants to work all their life. Look into the right retirement plan for your future with us.