"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

Planning for Your Family's Future

>> Wednesday, August 20, 2008

Doug and I are doing everything we can now to protect our family for the future. With the program we’re doing we will have no debt (except our house) by this time next year. And we should have the house payment abolished within 10 years (and that may even be too long- could be 7 years). I can't describe the feeling you have when you know your family will be taken care of. It's amazing.

“Oh, goodie for you,” I can hear some of you saying. “What about those of us who are older or don’t have your income?”

Well, first, let me say that our income is pretty average. It just seems like we make more money because a) we’re in debt and b) I’m really freakin’ cheap. We’re working on the debt part and I’m just getting more frugal.

If you are worried about house payments should you become disabled or die there are mortgage disability insurance policies and mortgage insurance policies available. If you are disabled or die these policies will take care of the house payment or pay off the house.

Of course a wiser decision would be to make sure you have enough life insurance- you should have 10x your annual salary. Then, in the event of your death, the lifestyle of you family won’t have to change drastically.

A mortgage protection insurance policy will cost less than a life insurance policy because the face value of the policy will be smaller.

You can get all the info on these policies at NAA Life. Be sure to discuss all the options available to you with a professional to confirm you are making the most financially sound decision.

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