Hispanics are the fastest-growing minority group in the US, making up 18% of the population as of 2018. And yet, despite this growth, there is still a lot of misinformation circulating about life insurance within the Hispanic community. In this blog post, Family First Life – Strong Tower & Hammer Lane Consultants will bust five common myths about life insurance so that you and your community can decide if it is right for you.

Myth #1: “I Don’t Need Life Insurance Because I’m Healthy”

Wrong! Just because you’re healthy now doesn’t mean you’ll be healthy forever. Anyone can develop a health condition at any time—regardless of age, lifestyle, or family history. And suppose you do develop a health condition. In that case, it could make it difficult or even impossible to get life insurance later on down the road. That’s why it’s always best to get covered as soon as possible while you’re still young and healthy. Otherwise, you could be taking a big risk.

Myth #2: “Life Insurance Is Too Expensive.”

Many people in the Hispanic community believe that insurance is too expensive and can’t afford it. The truth is that individuals overestimate the cost of insurance by around five times! According to NerdWallet, the average monthly cost of life insurance is $26. Many people spend more than this amount on eating out each month. Simple financial adjustments can help make insurance more affordable!

Myth #3: “We Can Rely on Loans If Anything Happens.”

Some people in the Hispanic community believe that they can rely on loans if anything happens. But the truth is loans come with interest rates and other fees that can add up quickly. If you cannot return the loan, you could end up losing your home or other assets. And if something happens and you cannot repay the loan, your family will be left with the burden.

Myth #4: “I’m Going To “Jinx” Myself If I Get Life Insurance.”

People in the Hispanic community think that purchasing life insurance may tempt fate. They believe that obtaining coverage will result in something horrible happening to them. According to the same Barometer Study, only a quarter of Americans feel comfortable discussing end-of-life preparation. Still, Hispanics are even less at ease with those discussions.

We understand that discussing mortality isn’t at the top of your priority list. However, tomorrow is never assured. It’s important to have these conversations with your family and loved ones, so they are ready in case of your death. The more you learn about life insurance, the simpler it will be to have those difficult talks.

Myth #5: “Our Family Will Support Us If Something Happens.”

While having a supportive family is great, you can’t always count on them financially. In fact, 65% of adult Americans have no idea how much money their parents make or have saved for retirement, according to a study by the FINRA Investor Education Foundation.

Your family may love you, but they shouldn’t have to shoulder your final expenses. A life insurance policy will help care for those costs so your family can grieve without worrying about money.

Myth #6: “I Don’t Need Life Insurance Because I Don’t Have Any Dependents.”

Just because you don’t have children or a spouse doesn’t mean you don’t need life insurance. Suppose you have school loans, credit card debt, or other financial responsibilities. In that case, insurance can assist your loved ones in repaying those bills if you die.

Myth #7: “Life Insurance Is an Easy Way Out for My Children.”

Some Hispanic people think buying their children’s insurance is a way of absolving themselves of responsibility for their future. But that’s not the case. Purchasing insurance for your children shows how much you love and care for them. It’s also a smart financial move, as it can give them a death benefit to help pay for funeral costs, outstanding debts, or future education expenses.

Myth #8: “I’m Going to Lose All the Money I Placed into The Policy and Receive Nothing in Return.”

Many people misunderstand life insurance and mistake it for other forms of insurance in which you pay “just in case.” Nevertheless, you don’t always get anything in return.

While your beneficiaries may not get a benefit if you die after the policy’s expiration date with term insurance, you will enjoy everlasting protection as long as you pay the payments with permanent insurance. This implies that your beneficiaries will get a payout when you die (depending on the insurer’s claims-paying capabilities), whether next month or 40 years from now.

Another manner in which permanent insurance dispels this notion is through living benefits. These plans can accumulate cash value over time, which you can use while you’re still living to pay for anything you choose, such as a down payment on a home, retirement income, and more (accessing the cash value will decrease the death benefit).

Myth #9: “My Employer’s Life Insurance Policy Is Enough”

Thirty-five percent of Hispanics who possess insurance say they only have it because their employer offered it. Employer-sponsored insurance policies are excellent since they are usually very reasonable, if not free, for employees. Most people, however, benefit from obtaining their coverage for two reasons:

• Most employer-sponsored plans do not provide comprehensive coverage to fulfill financial demands.
• Most employer-sponsored plans aren’t “portable,” which means that if a person changes jobs or retires, they lose their coverage.

Individual life insurance can help people fulfill their financial needs by providing coverage they can carry no matter where they work.

Conclusion:

Life insurance is an important financial safety net for families all over America, including Hispanic families. If you don’t have insurance, we hope this article has helped dispel some myths that might be holding you back from getting covered.

Family First Life – Strong Tower & Hammer Lane Consultants serving Denton, TX, is dedicated to providing you with whole life insurance options tailored to your needs. We will help you and your family when it counts the most, whether with security and peace of mind or protection from unforeseen occurrences.

Don’t put it off any longer; receive your free quotation today!

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Key Takeaways:

• Mortgage protection life insurance specifies your mortgage lender as the policy’s beneficiary.
• Suppose you die during the policy’s term. In that case, the lender uses the mortgage protection death benefit to receive compensation for the rest of your mortgage.
• Another name for mortgage life insurance is term life insurance. It’s usual to buy a policy when you purchase your home or soon after.
• If one dies without having mortgage insurance, their loved ones may struggle to pay off debts.
• It’s crucial to talk to asset protection consultants as they will guide you through choosing and getting the best mortgage protection.

Mortgage protection insurance is a type of life insurance policy that can protect you in a financial emergency. It can help pay your mortgage if you cannot do so yourself. However, before you buy mortgage protection insurance, there are some things you need to know.

Suppose you’re looking to get mortgage protection insurance for yourself. In that case, you should consult asset protection consultants to get the best guidance and fully understand your options. Let’s discuss mortgage protection insurance and what to look for when buying it to help you realize some essential details beforehand.

Mortgage Protection Insurance Explained

Mortgage protection insurance pays your mortgage if you die before paying it off. Although this policy can save your home from foreclosure, it might not be the best life insurance available.

Mortgage life insurance specifies your mortgage lender as the policy’s beneficiary. If you die during the policy’s term, your loved ones will not receive a death benefit. The lender instead uses the mortgage protection death benefit to wipe out the rest of your mortgage.

Mortgage protection insurance payments remain the same each month. Still, as you pay off your mortgage, the value of your policy decreases.

Are you looking to improve your mortgage affordability? How to improve your mortgage affordability?

How Does It Work?

It’s usual to buy mortgage life insurance when you purchase your home or soon after. The policy’s length will equal the years left on your mortgage.

There are three typical sources of mortgage protection insurance. These include the mortgage lender, an insurance company affiliated with the lender, or another insurer that accesses your information through public records.

When you purchase this life insurance from your mortgage lender, the premiums can be included in your loan. The mortgage lender is the policy’s beneficiary instead of your spouse or another person you choose. It means that they will get paid by the insurer with what is left of the mortgage balance if you pass away. Your family would not receive any money in this case.

Another choice is a life insurance policy that will assist with paying off your mortgage once you die. You could choose a traditional term life policy with a face value equaling or exceeding the amount of your mortgage left unpaid.

If you were to pass away during the policy’s active period, those named as beneficiaries would receive the death benefit payout. They can also elect to use it toward repaying the mortgage.

Your beneficiaries can utilize a term life insurance benefit for anything. Still, if you want the mortgage to be paid off first, you should indicate that in your will.

Are There Any Restrictions To Mortgage Protection Insurance?

Mortgage life insurance operates under the premise that the mortgage lender will get paid off in case of your death rather than your loved ones receiving a death benefit.

Death is unpredictable and often challenging to plan for, which is why having a life insurance policy is so important. If one dies without having one, their loved ones could be left struggling to cover funeral costs or pay off debts. An insurance policy can help take care of all of that and more.

If the restrictions of mortgage insurance sound daunting, consider a standard term life insurance policy instead. Make sure the face value is at least equal to your mortgage amount.

What Does Mortgage Protection Insurance Cover?

Mortgage life insurance is a type of life insurance that pays off your mortgage after your death. It is different from other types of life insurance as it does not provide financial assistance for final expenses, childcare, or future education costs. A life insurance policy’s death benefits go straight to the mortgage lender instead of your loved ones.

Advantages Of Having This Insurance Policy

Mortgage life insurance offers policyholders and their families the peace of mind of knowing the mortgage will be paid off. Other types of coverage may also provide for the mortgage payment in the event of death. Still, benefits from mortgage life insurance are paid directly to the lender.

No Medical Examination

Mortgage life insurance offers protection for your family during your death. It generally does not require a medical exam or any health questions. Therefore, if you cannot get traditional life insurance because of a pre-existing medical condition, mortgage life may be an alternative worth considering.

Riders

Some benefits you may gain by adding life insurance riders to your policy include the following:

• Life insurance with living benefits allows the policyholder to access money from the death benefit if diagnosed with a terminal illness.
• The return of the premium life insurance rider would give you your premiums back after a set amount of months. Consult the rider for more details on this process and when it occurs.

Mortgage Insurance Vs. Term Life Insurance

Term life insurance is not the best way to get life insurance for a mortgage; there are other options. Mortgage life insurance is one such alternative.

Term life insurance offers your family more leeway with how the death benefit is spent. You can select a coverage term that lines up with when your mortgage will be paid off. Or, you could also base it on other money-related commitments like your kids’ future college costs or how much income you want to leave behind.

Mortgage life insurance exists for one main reason: To pay off your mortgage. In most cases, you can only cover a portion of your mortgage. Mortgage life insurance doesn’t provide much room for error or changes in coverage amount over time, though, because it is specific to mortgages.

Suppose later you realize that your family needs more financial support than initially determined. In that case, this type of insurance cannot help you because any money given out goes directly to the mortgage lender.

You can choose the payout amount and policy length that works best for you with term life insurance. The money goes to the beneficiary of your choice, such as your spouse, who can use it however they see fit. Your family may be able to use a term life insurance payout for:

• To pay off your mortgage.
• To credit card or other debt.
• For your children’s college costs
• Income replacement
• To cover funeral and final expenses.

Compared to other life insurance policies, term life insurance gives you the most value when looking to cover debts, such as a mortgage.

It’s crucial to contact asset protection consultants, as they will guide you through choosing and getting the best mortgage protection. They’ll advise you on the type of insurance policy that works best for you and your family.

Family First Life – Strong Tower & Hammer Lane Consultants provide professional asset protection guidance and help clients get insured in Fort Worth, TX. Get in touch today for more information!

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Key Takeaways

• Retired seniors depend on assistance, especially if they fall ill or are vulnerable to serious illness.
• Planning for unforeseen circumstances beforehand and investing in long-term care is an excellent way to avoid the costs associated with medical care.
• Long-term care insurance provides much-needed peace of mind knowing you have your expenses covered in case of an unexpected illness.
• Before signing an insurance plan, you need to consider several essential factors.
• Family First is a reliable insurance agent that can help sort out your protection plans.

What comes to your mind when you think about long-term care? Long-term care is synonymous with nursing homes and expensive care facilities for many. But retired seniors will eventually need long-term care during their lifetime – and it doesn’t have to be expensive. Several cost-effective ways to receive this care that can fit into your budget. And one of them is long-term care insurance!

How Does Long-Term Care Insurance Work?

According to research, more than 70% of people over 65 will require some long-term care services during their lives. These services can be expensive, costing upwards of $100,000 per year.

That’s where long-term care insurance comes in. Such a plan is designed to help cover the costs of long-term care services, including assisted living, in-home care, and nursing home care. The insurance can help cover the costs of these services even if you don’t have traditional health insurance.

Long-term care insurance covers most of the costs associated with long-term care services. These services can be costly, so the insurance can help pay for a portion of the cost. The amount that the insurance pays depends on the policy and the insurance service, but knowing you have your medical bills taken care of provides much-needed respite.

There are a few things to remember when considering the insurance plan. First, the policy will only pay for services considered medically necessary. If you need long-term care due to an injury or illness, the policy will pay for a portion of the cost. However, the policy will not pay for any costs if you need long-term care due to old age or a disability.

Second, long-term care insurance is not health insurance. This means that it will not cover the costs of traditional medical care, such as doctor’s visits or surgeries. Instead, it is designed to cover non-medical care costs, such as in-home care or assisted living.

Third, the policies have a waiting period before paying out benefits. This waiting period is typically between 30 and 90 days. You’ll be responsible for paying long-term care costs. After the waiting period ends, the policy will begin paying out benefits.

Finally, these insurance policies have a maximum benefit amount. This is the total amount the policy pays over its life. Once you reach this maximum benefit amount, the policy will no longer pay for your long-term care costs. The maximum benefit amount can vary significantly from one policy to another, so choosing a policy with a benefit amount that meets your needs is crucial.

Also, read – Steps to Plan a Solid End-of-Life Insurance Plan

The Benefits of Long-Term Care Insurance

It is vital for those who want to protect their assets and have peace of mind in case they need extended care in the future. Here are some of the benefits:

You Don’t Know When You Might Need Such Coverage

No one plans on falling sick or getting injured, but it can happen anytime. And if it does happen, you want to ensure you have the financial resources to pay for the best care.

Traditional Health Insurance Does Not Cover It

Traditional health insurance covers things like doctor visits and hospital stays – but it doesn’t cover the costs of extended medical care. That’s where long-term care insurance comes in. If you think you might need extended medical care down the road, this coverage can help cover those costs.

It Can Help Preserve Your Retirement Savings

If you must pay for extended medical care out of pocket, it can quickly eat into your retirement savings. A long-term care insurance policy can help preserve your retirement nest egg by covering some (or all) costs of extended medical care.

Your Family Won’t Have to Foot the Bill

If something happens and you need extended medical care, your family shouldn’t have to bear the financial burden alone. A long-term care insurance policy frees your loved ones to focus on other necessary expenditures.

It’s Affordable

When you’re young, healthy, and just starting out in your career, saving for retirement is the last thing on your mind. But as you get older and closer to retiring, you’ll realize just how expensive retirement can be. If you want to enjoy the golden retirement years without worrying about money, you need to start planning and investing early.

It’s Tax Deductible

Finally, another benefit of long-term care insurance is that its tax deductible. That means you can deduct the premium cost from your taxes each year. This helps offset policy costs and makes it even more affordable.

3 Things to Consider Before You Buy Long-Term Insurance

As explained above, long-term insurance is an excellent way to cover an unexpected illness or injury in old age. However, keep the following in mind before you purchase a policy.

1. How Much Does It Cost?

Being stuck in the quagmire of insurance payments that you can’t afford is the last thing a retired senior needs. Compare prices from different insurers and get quotes for the coverage you need. Remember, the cheapest option isn’t always the best option. You’ll also want to make sure that the insurer you choose is reputable and has a good track record.

2. What Are the Coverage Limits?

Ensure your policy covers your expenses, including medical bills, in-home care, and nursing home costs. You don’t want to be stuck with a policy that doesn’t cover everything you need.

3. What Is the Waiting Period?

The waiting period is when you purchase your policy and when the benefits start paying out. Some policies have a waiting period of 90 days, while others have a waiting period of two years or more. Be sure to choose a policy with a waiting period that you’re comfortable with.

Now that we’ve answered some of the most common questions about long-term care insurance, it’s time to take action. The Family First Life – Strong Tower & Hammer Lane Consultants team is ready to help you find the right policy for your needs. We’ll work with you to tailor a program that fits your budget and lifestyle so you can have peace of mind knowing you and your family are taken care of.

Contact us today to get started in Fort Worth, TX.

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Key Takeaways:

-Many couples believe they no longer need life insurance once their children are out of the house.

-You may need insurance even if you’re young and healthy.

-Your insurance policy can cover more than just your final expenses.

-Your children’s education could be one reason to keep your policy.

-A decrease in income shouldn’t mean you cancel your policy.

As an empty-nester, your life insurance needs may have changed. Several misconceptions about life insurance can cause people to either under- or overestimate their need for coverage. Family First Life – Strong Tower & Hammer Lane Consultants brings you nine insurance myths to rethink as your family changes.

Myth 1: Life Insurance Is Only Beneficial After Death

Fact: Insurance is used as a risk management tool. The threat of death must not be separated from the fear of living too long. Medicine and science have extended life expectancy. How would you handle your spending if you lived to age 90 and stopped working at 60? Risk also relates to investments, which can be affected by market fluctuations, bad financial planning, or lack of financial discipline.

Insurance may assist you in protecting your financial future. Several alternatives can help you create a nest egg to support you during retirement, cover high medical costs, or build your net worth. You will always benefit from an appropriate insurance investment based on your specific requirements – suitability analysis.

Myth 2: Because My Company Covers Me, I Don’t Need Another Policy.

Fact: Your employer’s policy only protects you if you work for them. When you leave or retire, the coverage ends. If the firm experiences financial difficulties, it may withdraw the policy or reduce benefits. In that scenario, you will be left without protection if you need insurance when it is most required.

Employee insurance may be adequate when you are young, healthy, and have no responsibilities.

Your family’s future needs, such as children’s education, marriage, medical emergencies of aging parents, and the rising cost of living, won’t be covered by this. Additionally, the cover may only include a death benefit. So if you don’t have a financial plan for retirement expenses post-retirement, you’re on your own once you retire.

Myth 3: Why Would I Need Insurance If I’m Young, Single, and Healthy?

Fact: Life insurance is one type of coverage that cannot be purchased as needed. It must be purchased ahead of time when you require it. It’s a common saying that “you can’t insure a building during a fire.” It must be bought well before you need it, and there are several reasons for this. In addition, purchasing insurance while you are young will save money because the premiums are lower and high life cover at low costs is available.

An insurance policy can safeguard your parents from the debt of your student or personal loan in case of death, disease, or disability. It can also secure other family commitments and cover health-related costs and retirement expenses.

Myth 4: Life Insurance is Expensive

Fact: A life insurance policy is one of the most versatile and adaptable premiums available. It is based on numerous factors such as age, health, lifestyle, etc., which can be customized to best fit your current and future needs. Younger policyholders generally have a lower premium rate than older individuals.

It is important to note that you can potentially improve your financial situation by purchasing term insurance. Term insurance typically offers a high sum assured for a low premium. You may start with a modest investment and add to your coverage as your earnings and responsibilities change throughout your life.

Myth 5: Term Insurance is the Only Kind of Life Insurance

Fact: Term Insurance covers the risk of dying too early–one of many products insurance companies offer to address different risks that customers may face. When considering which policy to purchase, evaluate your current and future financial needs.

Myth #6: You cannot get insurance if you’re too old or have a pre-existing condition.

Fact: We must assess why the policies are being evaluated. Older age can lead to more appealing annuities and is thus an advantage for these products.

Pure risk policies (term) prices are generated with average assumptions of health conditions. If age or medical condition is unordinary, they will be priced to fit the higher risk. In some extreme cases, the policy may not cover the cost.

Myth 7: I Can Make Higher Returns From Investments Other Than Life Insurance

Fact: Insurance products have many features that should be compared similarly. For example, wouldn’t it make more sense to compare smartphones by their camera quality or browser rather than breaking up their components? In the same way, some features on offer include mortality risks, morbidity risks, return guaranteed by the policy, whole life cover protection, and others. Thus, simply comparing standalone features, the customer might not get clarity or a holistic perspective on which product is best for them.

The main distinction is that most of these policies’ proceeds are tax-free. Insurance policies are long-term financial instruments that, in the long run, provide competitive risk-adjusted returns compared to other asset classes.

Myth 8: ULIP Isn’t a Good Investment Because the Costs Are High

ULIPs offer the combined benefit of security and wealth creation in the long term. Some ULIP providers refund mortality/ other charges on maturity with common deductions. Furthermore, you can customize your policy to add or remove features as your needs change. And if that’s not enough flexibility, know that you can switch between debt and equity funds without tax implications!

Myth 9: The Policy Can Only Be Purchased by the Person Who Bought It

Fact: If you have a regular source of income and are not a minor, then you’re able to buy an insurance policy in your name, your spouse’s name, or even your child’s name. In some cases, insurers will offer joint insurance policies that cover both spouses for one premium. Parents can invest in a kid’s plan to safeguard their children’s future needs. When the kid reaches the age of 18, the insurance vests in their name if they are still a minor.

Life Insurance in Weatherford, TX!

We understand that each family is unique at Family First Life – Strong Tower & Hammer Lane Consultants, serving Weatherford, TX. We offer a variety of policies to ensure that you and your loved ones are taken care of in the event of your untimely death. We offer term and whole life insurance policies.

Contact now to learn more.

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Key takeaways:

• A majority of first-time buyers now have better credit scores due to UltraFICO.
• These improved credit scores give access to lower down payments, lower mortgage rates, and better home affordability.
• The lack of competition in the buyers’ market gives you more time to find a house that meets your criteria.
• The decrease in home prices is an excellent opportunity for buyers.
• Lower mortgage rates provide an opportunity for people looking to refinance their mortgage and get a lower rate for saving money each month.
• Overall, now is an excellent time to purchase a new home if you are stable financially and can afford the property’s upfront costs.

First-time buyers may agree that now is an excellent time to buy a house. According to Fannie Mae’s National Housing Survey, more than 60% of renters prefer to buy a home at the end of their lease. That’s because most renters expect rents to rise in the coming 12 months.

The market right now highly favors fall-time home buyers as mortgage rates are lower close to Labor Day. There are also fewer offers on homes for sale, and buyers have more control. Moreover, home sellers are also cutting prices after 14 days.

A majority of first-time buyers now have better credit scores. A recent change in the credit scoring added another 22 points to average US consumers, which makes homeownership even more affordable.

So, the question is, should you buy a home, especially if it’s for a specific purpose, such as retirement? Let’s discuss certain things in further detail to help you understand your options.

Reduced Competition for Homes for Sale

According to the National Association of Realtors, more homes are on sale now than in the past 12 months. These homes are up for sale at half prices compared to Spring.

The lack of competition in the buyers’ market gives you more time to find a house that meets your criteria without feeling pressured to make an offer quickly.

Unlike earlier, today’s buyers can also underbid a home and make offers that can include the necessary contingencies such as appraisal, home inspection, and mortgage. Moreover, with fewer offers on homes for sale, sellers are highly likely to negotiate.

Sellers Are Cutting Prices.

To attract buyers, sellers offer great deals and cut home prices. The decrease in home prices is an excellent opportunity for buyers looking to purchase a home in the near future. With prices falling, you’ll be able to get more houses for your money.

According to Altos Research, home sellers have lowered their asking price to about one-third of the usual. While home prices are skyrocketing in some US cities, sellers have learned that today’s real estate markets don’t support overpriced homes. The right-priced homes sell relatively quickly, and mispriced homes face challenges.

The New Credit Score System

Another reason 2022 is a good time to invest in a house is that the US credit bureaus don’t add more medical debt and collection to credit scores.

Around 30 million consumers are benefiting from medical and credit debt scores. That’s because the pandemic has left many people with no choice but to default on their debt payments.

The new credit score system from the bureaus is called “UltraFICO.” It will help boost scores for people managing their finances responsibly, even with medical debt. It means that more citizens will be able to qualify for a mortgage in 2022.

The government has also estimated that the people buying a home have 22 points higher in their credit scores. These improved credit scores give access to lower down payments, lower mortgage rates, and better home affordability.

Mortgage Rates Are Expected to Drop.

A conventional 30-year fixed rate mortgage rose by 0.76% in three weeks following the fall. This is the 15th fastest mortgage rate increase in the past 50 years and was highlighted as a difficulty for people buying a home in August.

However, the sharp increase also means the mortgage rates will fall sharply. Based on the recent trend, it is estimated that mortgage rates will decrease in early September. That provides a unique opportunity for those looking to buy a home as they can get a lower rate and a better deal on their mortgage.

The decrease in mortgage rates will present an opportunity for buyers who couldn’t enter the market due to the higher rates. Additionally, this provides an opportunity for people looking to refinance their mortgage to get a lower rate and save money each month.

The housing market is slowly but surely recovering from the 2020 crisis. The number of homes for sale has been increasing as more people are listing their homes for sale.

Buying A Home In 2022 Without Any Down Payment

2022 is shaping to be a good year for buyers looking to buy a home without any down payment. The average credit score required for a mortgage has decreased, meaning that more people will qualify for a loan.

Additionally, the down payment requirements for FHA loans have been lowered, making it easier for first-time home buyers to purchase a home. Grant programs, tax credits, and other assistance programs have helped first-time buyers achieve homeownership.

Why Shouldn’t You Delay Homeownership Any Further?

Mortgage rates are still quite low in historical trends, making this an ideal time to buy a home. House prices have been gradually increasing over the past few years, but they are still below the peak prices in recent years. There is still room for price appreciation, making now an excellent time to buy a house before prices rise.

The competition is also lower from other buyers now, as many people are delaying their homeownership plans. This could mean that you have more negotiating power regarding price and terms.

Cons Of Buying a Home In 2022

While mortgage rates are still at their lowest, they are expected to rise in the next few years as the economy recovers. This could make your monthly payments higher and put a strain on your budget.

Also, with home prices on the rise, you may not be able to find the same deals on properties that were available a few years ago. You may have to pay more for your dream home than you would have just a few years ago.

Down payments are another significant factor to consider when buying a home. Most lenders require a down payment of at least 10% of the purchase price. With home prices on the rise, this could mean that you have to come up with a hefty sum of money for the down payment.

While many lenders offer low or no down payment options, this could mean that you pay more interest over the time of the loan. A larger down payment could help you save money in the long run if you can afford it.

Your credit score is another essential factor to consider when buying a home. Most lenders use your credit score to determine whether you qualify for a loan and what interest rate you will be offered.

Here are three reasons mortgage protection is essential for your new home.

So, if you’re thinking about buying a house in 2022, don’t wait any longer! Now is an excellent time to purchase a new home if you are stable financially and can afford the upfront costs.

Family First Life – Strong Tower & Hammer Lane Consultants offers reliable retirement plans, insurance plans, and safe money investments for senior citizens, truckers, and homeowners in Chico, TX.

Give us a call to learn more about retirement planning and asset protection!

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Nobody knows when their time comes, so better be prepared for the inevitable. One of the most challenging things about death is that it is often unexpected and leaves loved ones scrambling to figure out what needs to be done. However, having a plan will make the process much easier for everyone involved. Family First Life – Strong Tower & Hammer Lane Consultants will discuss ten steps for creating a smart end-of-life plan. A solid plan can help reduce stress and anxiety during an already difficult time.

Invest in a Life Insurance Policy

The most critical element in creating a smart end-of-life plan is to have life insurance. A life insurance policy can provide financial security for your loved ones after you’re gone. It can also cover final expenses, such as funeral costs and outstanding debts. If you don’t have life insurance, now is the time to get it. You can get a life insurance quote online in just minutes.

Prepare a Will

Another component is to make a will outlining your wishes regarding your estate and how to distribute your assets after you die. If you don’t have a will, your state’s laws will determine how your assets are divided, which may not be according to your wishes.

You should also consider creating a living will, which is a document that outlines your wishes for medical treatment if you become incapacitated. It can be a complex topic to think about, but it’s essential to make your wishes known in case you cannot communicate them yourself.

Discuss Your Wishes with Your Loved Ones

Finally, you must converse with your loved ones about your end-of-life wishes. It can be a difficult conversation, but your loved ones must know your wishes if something happens to you.

Creating a Smart End-of-Life Plan

Creating a smart end-of-life plan does not have to be complicated or time-consuming. Following simple steps can ensure that your wishes will be respected and that your loved ones will be taken care of. So start today and create a plan that works for you and your family.

Here are ten steps to follow to create a comprehensive end-of-life plan:

1. Life Insurance Policy

Choose a suitable life insurance product or customize it according to your needs. It will ensure that your loved ones are taken care of financially in the event of your death.

2. Beneficiaries

Make sure to nominate whom you want to receive your life insurance benefit and any other assets you may have.

3. Estate Planning

It includes things like wills and trusts. It’s critical to plan how you want your assets divided up in the event of your death.

4. Funeral Arrangements

You can pre-plan your funeral arrangements and even prepay if you wish. It can take the burden off your loved ones’ shoulders during a difficult time.

5. Power of Attorney

It gives the legal authority to your nominee to decide on your behalf if you are unavailable or cannot do so yourself.

6. Health Care Directives

It can also be described as a living will. This document outlines your wishes for medical treatment if you cannot communicate them yourself.

7. Financial Planning

It includes creating a budget, setting up a savings plan, and ensuring your bills are paid up.

8. Personal Belongings

Make a list of your belongings, decide their distribution or disposal, and make arrangements accordingly.

9. End-of-Life Care

It can involve decisions like funeral care or procedure and organ donation.

10. Digital Life

Don’t forget to take care of your digital life as well! It includes backing up essential files, account closure, and more.

Read out the policies and features offered by your digital platform in the event of the death of an account holder.

Choosing the Right Life Insurance Policy

Choosing the right policy is the most crucial aspect of any end-of-life plan. Several types of policies are available, so it’s essential to research and figure out which is best for you and your family.

1. Whole Life Insurance

Whole life insurance covers your entire life. It doesn’t expire as long as you continue to pay the premiums. Whole life insurance also has a cash value component, which can be used as an investment tool.

2. Universal Life Insurance

Universal life insurance also covers your entire life and has a cash value component. The main difference between whole life and universal life insurance is that the latter provides you more flexibility in making premium payments.

3. Term Life Insurance

Term life insurance provides limited time coverage, usually between five and 30 years. It is much cheaper than whole life or universal life insurance. However, because it only covers you for a specific period, it does not have a cash value component.

 Choosing a life insurance policy depends on your coverage needs and the premium’s affordability. If you are looking for coverage that will last your entire life and provide you with a cash value, then whole life or universal life insurance may be the right choice.

However, if you require limited-time coverage at a more affordable price, then term life insurance may be the better option. You can also ask your agent to make a custom insurance policy catering to your specific requirements. Whichever type of policy you choose, ensure you get the best possible rates by comparing the top insurers.

Need a Reliable Life Insurance Agent in Boyd, TX? No Problem!

Family First Life – Strong Tower & Hammer Lane Consultants is a reliable company serving Boyd, TX, providing the right insurance plan for your needs. We work with some of the top carriers in the business to provide our clients with quality coverage options and personalized service. Contact us today if you’re looking for peace of mind knowing that your loved ones are taken care of financially if something unfortunate happens. We would be happy to discuss your options and find the perfect insurance plan for your family.

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Your debt-to-income ratio determines your mortgage affordability. This ratio defines the percentage of your pre-tax monthly income that goes towards debt payments. Use this guide to improve your mortgage affordability and get into the home you want!

1. Have a Realistic Budget

Begin by how much you can spend on housing each month comfortably–and don’t forget to consider other fees like insurance, taxes, and maintenance. Once you have a good idea of your budget, you can start looking for homes that fit your price range.

2. Save for a Down Payment

The money you can put down as a down payment, the lower your monthly mortgage payments will be. If you can’t afford to make a large down payment, there are programs available that can help you with the costs.

3. Clear Your Debts

A good way to improve your mortgage affordability is to clear your debts. If you have any outstanding loans or credit card debt, plan to pay it off quickly. This will not only improve your credit score but also free up more of your monthly income to put towards your mortgage payments.

4. Know What You Can Afford

It’s easy to get caught up in the excitement of looking at houses that are out of our price range. But if you want to improve your mortgage affordability, you must have a realistic idea of what you can afford. Start by looking at your monthly income & expenses to get an idea of how much you can realistically put towards a mortgage payment each month. Then, use a mortgage calculator to estimate what size loan you can qualify for based on your down payment, credit score & other factors.

5. Get Pre-Approved for A Mortgage

Getting pre-approved involves completing a mortgage application and providing documentation of your income, employment, debts, and assets. Once you’re pre-approved, you’ll know exactly how much money you have to work with–and you can use this information to shop within your budget.

6. Invest in a Good Real Estate Agent

A good real estate agent will save you time, money, and stress throughout the home-buying process. They find homes that fit your budget and lifestyle, navigate the negotiation process, and handle all of the paperwork involved in closing on a home. If you’re unsure where to start, ask friends or family for recommendations–or look for an agent with positive online reviews.

7. Be Prepared to Compromise

You’d find your dream home without any compromises in a perfect world. You may have to be flexible on some of your must-haves to find a home you can afford. For example, you may have to compromise on the size of the home, the age of the home, or the location.

Conclusion

Having a mortgage is a huge responsibility, but mortgage protection insurance gives you peace of mind & guarantees that your loved ones & family will be taken care of financially if something happens to you. Consider it life insurance that covers your mortgage payments in case of an unforeseen event.

Although mortgage protection insurance is crucial, many people often times overlook it during comprehensive financial planning. Family First Life – Strong Tower & Hammer Lane Consultants in Wichita Falls, TX, makes it easy to get personalized coverage that meets your needs and budget whenever you want.

Contact us today to know more about mortgage protection now!

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If you’re a trucker, you know that your livelihood depends on your ability to drive. But what would happen if you suddenly couldn’t drive due to an accident or illness? Would your family be able to make ends meet?

This is where asset protection life insurance comes in. This type of policy is designed to provide financial security for your loved ones if you can no longer work.

Family First Life – Strong Tower & Hammer Lane Consultants shares six reasons why asset protection life insurance is a necessity for truck drivers.

1. It covers your final expenses

The idea of your death is bleak, but it’s still a reality. If something were to happen to you, you would need your final expenses paid. This becomes more important when you don’t have a family or have been dealing with outstanding debts.

Asset protection through life insurance will help you stay at peace knowing that your final expenses will be well taken care of.

2. It replaces your income

Asset protection life insurance will replace your income in the event of your death, especially if you’re the primary breadwinner in your family. Your family will not have to go through financial troubles due to the loss of your income. They can maintain their current lifestyle and not have to worry about how they will make ends meet.

3. It helps with estate planning

Asset protection life insurance can also be used instead of your estate planning strategy. You can do a range of things with the proceeds of your life insurance policy, including setting up trusts, paying off debts, and more.

4. It can be used as collateral

You can also use your life insurance policy as collateral for loans. Usually, you have to stake in your asset, but you can protect it using your life insurance instead. Except for a few changes, all other life insurance conditions apply.

5. The tax benefits

Protecting your assets through life insurance offers tax benefits also. Your life insurance policy grows tax-deferred, and you can even use it to pay the premiums on the policy. When it is time to withdraw the money, you can do so without paying any taxes on the growth.

6. You can use it to supplement your retirement income

Asset protection life insurance can help you with supplementing your retirement income. You can allocate a source of supplemental income to help pay for your mortgage, travel, and other expenses. This way, you can protect your assets and have a little nest egg to assist you in retirement.

Conclusion:

These and many other reasons stress the significance of asset protection through life insurance for truck drivers. With the help of a top-notch consultancy, you can make your life easier and create a safety net for your loved ones and your future self.

Consult with our experts at Family First Life – Strong Tower & Hammer Lane Consultants, Serving Bridgeport, TX; we will give you the best asset protection life insurance to help you build a secure future. 

Contact us to develop a better understanding.

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Do you dream of retirement? Of spending your days golfing, fishing, or lying on the beach? If so, you’re not alone. It is a time many people look forward to if they have a retirement plan in place. But if you’re worried about how you’ll afford it, don’t be.

There are numerous ways you can enjoy your retirement years without going broke. In this post, we’ll discuss a few of them. So, continue reading for tips on making your retirement plans a reality!

1) Setting a Realistic Spend-Down Rate –

 How much of the portfolio funds can you spend during a year? A general rule of thumb is the 4% safe withdrawal rate. That rate means you spend up to 4% of your portfolio value in your retirement’s first year and then adjust the amount for inflation in subsequent years. However, this may be too conservative for some people – but not impossible!

2) Invest in Dividend-Paying Stocks –

Dividend stocks are an excellent method of generating income during retirement. Companies with a history of paying and increasing dividends tend to perform well over time. And, as you reinvest the dividends, you’ll be buying more shares of stock, which can help offset any losses from selling stock during down markets.

3) Consider a Reverse Mortgage –

A reverse mortgage loan allows homeowners who’re 62 years or older to convert part of the home equity into cash. Borrowers can avoid repaying the loan until they pass away, sell the home, or move out of the house.

4) Delay Taking Social Security Benefits –

If you can afford to wait, you may want to consider delaying your social security benefits. Each year you delay availing benefits past your full retirement age, which tends to be the mid-sixties for people born in late 1950’s or later, you’ll receive an 8% increase in your benefits!

5) Get a Part-Time Job –

Earning some extra money can help stretch your retirement savings. And if you’re working in a field you enjoy, it can make retirement more enjoyable. The idea is popular among numerous folks seeking to contribute just a bit more to society. Some even start part-time projects for local clients!

6) Buy a U.S Government Inflation-Adjusted Annuity –

An inflation-adjusted annuity is an insurance product that provides guaranteed income payments that increase along with inflation. If you delay your social security benefits payout and invest in these annuities, you could look forward to sizable returns by settling down.

7) Keep the Cash Rolling –

Don’t deposit your savings in a bank account. With the current inflation levels, money is only losing value in the long run. Investing is the name of the game; find a startup, get insurance, and consult professionals to set off on the right retirement road.

Retirement can be a wonderful time, but planning is essential so you don’t outlive your savings. That’s where our team at Family First Life – Strong Tower & Hammer Lane Consultants comes in. We offer reliable insurance and safe money investments for seniors in Decatur, TX. Contact us today for a free consultation, and let us show you how easy it is to enjoy your retirement without stressing about finances!

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Who doesn’t like the idea of a lifetime income plan? This becomes especially relevant as you’re moving towards retirement and need a fixed-term annuity plan to supplement your social security. When looking for an annuity income stream, it’s important to consider the factors affecting how much money you’ll receive.

Family First Life – Strong Tower & Hammer Lane Consultants in Dallas, TX, can help you understand what you need to know about annuities so you can make the best decision for your future.

We bring you five essential factors which can affect your annuity income.

1. What is your life expectancy?

Your life expectancy is one of the main factors that will affect how much annuity income you’ll receive. For example, statistically, as a woman, your life expectancy is more than a man’s; therefore, you can expect to receive less income from your annuity than a man would.

2. What is the inflation rate?

Another essential factor people often overlook when planning their lifetime income plan is the inflation rate. If you’re wondering how the inflation rate can affect your fixed-term annuity, it’s pretty simple. The inflation rate is inversely proportional to the annuity income. Hence, the higher the inflation rate, the less your annuity income will be worth in purchasing power.

3. What is the prevailing interest rate?

The interest that you earn on your annuity is in large part determined by the prevailing interest rate. When the overall interest rate is low, as it is these days, you will earn less income from your annuity than when it’s high. You must discuss the current rate with your financial advisor to ensure that your annuity is still a good investment.

4. What are the taxes on your annuity income?

In the USA, annuity income is taxed as ordinary income. This means that your annuity income will be subject to the same marginal tax rates as your other sources of income. Be sure to discuss your annuity income’s tax implications with your financial advisor or tax accountant.

5. What fees will be deducted from your annuity income?

Most annuities have some fees associated with them. These fees include charges for managing the allowance, withdrawals, and death benefits. Make sure that the costs on your fixed-rate annuity are not too high or out of budget for you.

End Note:

Deciding on a lifetime income plan can be one of the best choices you can make to secure your future. However, you must ensure you hire a trusted consultancy to help you with the process.

Hiring a professional to help you with your annuity income planning is essential. They will provide you with the advice you need to ensure your money is safe. There are several types of annuities and lifetime income plans, each with its own rules and regulations.

Family First Life – Strong Tower & Hammer Lane Consultants, serving Dallas, TX, are experts in annuities, reliable insurance, retirement plans, and safe money investments for people of all walks of life. 

We understand that each individual’s retirement is unique. We will evaluate your specific needs and goals to provide annuities most suitable for you.

Contact us now to learn more!

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