A cash-value life insurance policy can help you pay off your mortgage early, reduce interest paid, and ensure that your family can remain in your home should something happen to you.
Your family means the world to you. And your home is the center of it all. It’s where your children grow and thrive. Where relatives gather. And where neighbors turn into friends over backyard barbeques.
That’s why it’s so important to make sure your family will have the financial resources to keep living in your home, if something happens to you.
Proper life insurance planning can make the difference. Life insurance provides a death benefit your family may use to pay the mortgage and stay in your home, should they need it.
Plus, you can use the cash accumulation value to help pay off your mortgage early and reduce the amount of interest paid.
It’s a smart strategy.
1. You purchase a cash value life insurance policy and determine a proper funding amount to meet your goals.
2. Your policy accumulates cash value.
When the cash value equals the amount of your mortgage, you may use the funds to prepay your mortgage. This can significantly reduce the amount of mortgage interest paid over time.
3. If you die before paying off your mortgage, your beneficiary can use the tax-free death benefit to pay it off.
With proper life insurance planning, if you die unexpectedly, your family can remain in your home, surrounded by the support of family and friends.
The cash value in your policy will accumulate tax deferred.
And you may use the cash value to pay off your mortgage early. Or for any other purpose you choose.
You can focus on creating new memories with family and friends.