The biggest mistake in financial planning for most families is not having a sound financial plan, putting first things first and insuring  the family’s biggest investment.
I remember reading in Stephen R. Covey’s best selling book, ‘7 Habits of Highly Effective People’“Begin with the end in mind.”
This is the core principle in any sound business endeavor as well as financial plan.  “You will never see a bank or lending institution make any investment or sign any contract that is not properly insured.  We must do likewise.”
You must ensure a successful outcome, through insurance. If you buy a house, it must be insured. If you buy a car, it must be insured. If you drive a car, you must be insured. If a professional sports team signs a professional athlete, they insure their investment (his life).
So, why are so many families not adequately insured?  It’s the biggest mistake in financial planning for most families.
“Your bank won’t require you to protect your family.  It’s not their responsibility.  They don’t care.  The homeowner has to take action.”
For example:
Any home financed by a bank must have mortgage insurance if, the amount owed on that home is greater than 80% of the value of the home. This mortgage insurance is paid for by the homeowner, but it protects the interest of the bank only, not the family. The average mortgage insurance premium today on a new FHA loan is around .0085% of the sales price. On a $250,000 home loan, that’s about $177.00 per month. This homeowner will also be required to pay fire and hazard Insurance of about $58 per month. Hazard insurance is also required by the bank to protect their interest.
                          $ 250,000   Loan Amount 
                          $     1,230    Principal & Interest
                          $        208    Property Tax              
                          $        177    Mortgage Ins*
                          $          58    Hazard Ins*
                          $     1,683    Monthly Payment
More people lose their homes due to death and disability than any other reason, because the homeowner is not properly insured.  Most families have failed to take action and secure a term life insurance policy or ‘mortgage protection’.
This homeowner will be spending $235* per month or $2,820 a year, on insurance to protect the interest of the bank.  Unless, they take action and buy a life insurance policy to protect their biggest investment (their home and family), they are at great risk.
Life insurance is the foundation of a good financial plan.  ‘Death is not a matter of if, it’s only a matter of when.’  Be prepared.
When we plan for our families future it includes our home, a place for us to live and enjoy life.  We want our children to go on to college and have successful careers.  We want to retire and relax comfortably in our senior years.
Only life’s most certain event, can take it away if we don’t plan properly.  “We never plan to fail, we just oftentimes fail to plan.”
Here's a brief explanation on Mortgage Protection Life Insurance...
 
The good news is, “Life insurance costs a lot less than most families think.  We just need to take the first step.”
It’s free to apply for a fully underwritten policy, most people don’t even know how affordable coverage really is.  Take action today.