Will you OUTLIVE your home?
How much will you need to pay off the mortgage on your home? I assume that in the event of your death you, like most responsible people, would want to leave your family a home instead of a mortgage. Home ownership can have some hazards! Most people are conscious of the value of property and the possibility that it may be damaged or destroyed. However, according to the U.S. Census Bureau approximately 1 in 1300 homes catch fire, but 1 in 105 people die in a given year.
The following table, based on the 2001 CSO Mortality Table, shows the likelihood of a mortgage outlasting the borrower.
|Present Age||Chances of Death Within|
|15 Years||20 Years||30 Years|
|25||1 in 56||1 in 34||1 in 15|
|30||1 in 43||1 in 26||1 in 10|
|35||1 in 30||1 in 18||1 in 7|
|40||1 in 20||1 in 12||1 in 4|
|45||1 in 13||1 in 7||1 in 3|
So, where do you find yourself on the above chart? Are you protected with enough life insurance? If you’re not or you’re not sure, contact me, Lance Lopez for a free Needs Analysis. You can call me at 318-729-6268 or email me at firstname.lastname@example.org or click Request a Quote for more information.