In July of this year, Ohio realtors reported that 15,439 new homes were purchased in the state. You may have been one of these families that made the leap into the world of home ownership and are now ready to move forward in this next chapter of your life.
When you obtained your new home, it goes without saying that you also obtained a substantial amount of debt with it. This debt will be one of the largest and longest loan obligations that you will ever have in your life. It stands to reason that you would want to protect this property.
Insurance can protect more than just the physical things
Homeowners insurance is a fundamental part of the home ownership process. You know that it is necessary to insure your home against unforeseen elements such as fire, wind, theft and more – but are you providing protection for your family when you can no longer be there to do so? If something were to happen and you or your spouse were to pass away, would the surviving spouse have the financial means to maintain or pay off the mortgage if necessary?
In 2018, the national median cost of a home was $218,000 – this is according to Reader’s Digest. For around $35.35 each month – that’s $1.18 per day – a 30-year-old male in good health could purchase a 30 Year Term Life Insurance policy with a face amount of $230,000! This cost is even less for a female applicant in good health. What this means is that the surviving spouse would be able to lift the burden of a home mortgage with the loss of income that is left. There would be no need to sell the existing home or to try and find unconventional means to meet the mortgage. Simply put, it is one of the most lasting and loving things that you can do for your family when you are no longer there to provide for them.
Now is the time to purchase life coverage
September is Life Insurance Awareness Month. When you consider that this type of policy costs less than your cable bill, your mobile phone plan, or a family night out to the movies, it makes sense to look into this affordable and responsible coverage.
Remember, Williamson Insurance is here to help and can answer your questions and assist you in obtaining the coverage and policy that will do what you want when you no longer can.