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Keys in DoorOne of the key benefits of life insurance is the security it can offer to your family if you, as an income earner, pass away. If this happens, it can shock a family very deeply; while the experience is emotionally devastating, it can also be financially devastating. When a life insurance policy is in place, it can cover many of your loved ones' financial needs, reducing the risks that they may face.

Covering Your Significant Debts

One of the best reasons to purchase life insurance is because you want it to be there for your loved ones' financial needs. While you are younger and carrying a mortgage, life insurance is essential. A basic term policy can be enough to pay off the mortgage for your loved ones or to at least help them to keep making payments towards the loan so they do not lose their home.

Depending on how your life insurance policy is established, the terms can outline how the funds will be used. This is often done as a key component of a trust. You can also purchase a life insurance policy for the sole reason of paying off the mortgage — again, establishing this in the creation of the documents. However, in most cases, the loved one who is named the beneficiary of your policy will have the decision in how the funds are used.

How Much Should You Cover?

When selecting a life insurance policy, take into consideration the amount of debt owed on your mortgage. Then, factor in the value of your home, especially if your family may need to refinance the loan at some point. You may want to add an additional amount to cover costs related to your family's living expenses during this time. On the other hand, some people select a policy that offers a death benefit that is equivalent to their salary for a period of time, such as one or two years.

Take into consideration all of the factors impacting your loved ones. If paying off the mortgage could provide them with the very best financial support, it may be wise to select a life insurance policy that is in place as long as you have a loan.

Protect your loved ones. Call McInnis Insurance Services, Inc. at (844) 926-0860 for more information on Baton Rouge LA life insurance.
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McInnis Insurance Services, Inc.
7814 Office Park Blvd
Baton Rouge, LA 70809

Phone: 225.926.0860
Toll Free: 844.926.0860
Fax: 225.923.3418

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