Have you ever heard the adage, “Most people are only three paychecks away from living on the street?” The sentiment here, of course, is that due to the large amount of debt many of us have and the small amount of income we command, if we lost our jobs we would lose our homes and become street people. While it is probably a little less extreme, there is no doubt that if the primary wage earner in a family were to pass away, the family would be faced with a tremendous financial burden. That’s why every loving and caring spouse and parent needs to be aware of MORTGAGE LIFE INSURANCE AND YOUR PHOENIX, AZ INDEPENDENT BROKER.
“According to a 2016 Barometer Study by Life Happens,” Jim Bivona of Bivona Insurance Group, LLC, an Independent Insurance Agency that services the Phoenix Metro area regarding Insurance including Phoenix, Scottsdale, Glendale, and Peoria Arizona to name just a few, pointed out, “one in three households would have immediate trouble paying living expenses if the primary wage earner died. That’s why we frequently advise clients, and prospective clients, to purchase Life Insurance as a form of Mortgage Protection.”
A major question, of course, is “How much will this protection cost?” As with most forms of Insurance, there are several factors that will affect cost, including but not limited to:
- The Death Benefit Amount
- Health History
- Smoking Status
“We have found,” Bivona shared somewhat philosophically, “that one of the factors that tends to make people shy away from considering Life Insurance for Mortgage Protection is the fact that they may have a pre-existing health condition. Actually, however,” he went on, “this may not be as much of a barrier as one might think.”Again, Bivona is correct. Following are several tips to consider when seeking Life Insurance if you do, in fact, have a pre-existing condition:
- Do your research regarding your condition and typical Premium Rates.
- Work with a trustworthy Independent Agent.
- Be truthful and up-front about your condition.
- Get quotes from multiple providers.
- Take the Medical Exam if you can, as rates are typically lower when one takes the Medical Exam.
As you can see, being aware of MORTGAGE LIFE INSURANCE AND YOUR PHOENIX, AZ INDEPENDENT BROKER certainly is not something you want to ignore if you do, in fact, own a home and have a mortgage! As a result, you should contact Jim Bivona at 623-256-1000 with any questions, and he will be happy to discuss this concept with you in greater detail, and suggest some ways you may be able to improve your Insurance Coverage.
To learn more about the BIVONA INSURANCE GROUP, LLC go to www.bivonainsurance.com.
(To learn more about this issue, research “Life Insurance as Mortgage Protection”)