Knights of Columbus Field Agent Report

Have you purchased a new house recently? Congratulations! On a more sobering note, this is one of the biggest purchases you'll ever make - and probably came with a sizable mortgage. There's no question that such a large obligation should be factored into your life insurance planning. The real question is which type of policy would best meet your needs. "Mortgage insurance" is actually a form of decreasing-term insurance. The face amount decreases as your principal balance decreases. If you die, the balance of your mortgage will be paid off.

You can also purchase individual term life insurance with a decreasing benefit, and the Knights of Columbus offers this type of policy. Your beneficiaries could choose not to pay off the mortgage balance, and instead use the death benefit for some other purpose (education, retirement savings, etc.)

Never rule out permanent life insurance for mortgage protection. The fact is, many people move frequently during their adult years, often to more expensive housing. Owing a mortgage becomes a permanent obligation that doesn't diminish - and may, in fact, increase. A permanent policy would be a wise buy in such situation.

Buying a house is a hectic time. I can help make it a little bit less stressful by outlining your mortgage insurance options for you.

Call me, let's talk.

Joseph Tackx
231-856-1230 - eMail