Buying your first home is extremely terrifying. Looking for the right house, securing a down payment, and covering closing costs: it’s a huge responsibility and requires a lot of planning. If you have a life insurance policy, you can use the cash advantages to help you pay for the costs that come with buying a house.
The New Jersey housing market is competitive and expensive. Looking for the perfect home is more than the appearance, it’s about the price too.
So, how can you use your life insurance policy to help you afford the house of your dream?
Some life insurance policy’s let you borrow from your accumulated savings. If you have
A permanent life insurance policy, part of your premium is put into an accumulation account.
You can use these savings to put down as a down payment. It’s essentially borrowing from yourself. Keep in mind that you still have to make your regular loan payments. If you do not pay back the amount you borrowed, it will be subtracted from your death benefit.
Cashing in your life insurance policy can significantly help with house costs. If you not have a life insurance policy or have not had a life insurance policy long enough to build a lot of cash value, you can use a policy that was taken out by your parents or grandparents.
If your parents or grandparents took out a life insurance policy on you, they may be able to access the cash value to help towards your down payment.
Think having a life insurance policy just pays for living costs? Imagine if your spouse passed away, would you be able to pay for the mortgage yourself? Having a life insurance policy can cover mortgage payments, bills, and other life expenses.
Having life insurance covers all of the stages that come with buying a house.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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