All too often family members find themselves hassled by debt collectors after their loved ones have passed away. Unfortunately, debt does not decimate with us, and our families are left to pick up the pieces and settle the debt. Protect your family from these financial obligations with a life insurance policy from Best Insurance Services that fit your financial needs.
Any outstanding mortgages you may have at the time of your passing will come due. If there are no funds available to cover the debt, your assets can be sold for less than value to settle any debt you have with lenders. For many residents of Kentucky, family farmland holds a lot of value and is often passed down through the generations. Perhaps you wanted your family farm to be gifted to family members as an inheritance? Unfortunately, the farm can be sold at an estate auction to the highest bidder, allowing a land developer to purchase your family farm at a fraction of the value, and leave your family with only memories. A sufficient life insurance policy can cover the balance of your mortgage and fees, allowing your farm to stay within the family for generations to come, and your final wishes intact.
Mortgages are not the only debts that need to be paid upon your death. Any credit card, vehicle, or smaller loan debts can become the burden of your family members. When you customize your life insurance policy, prepare for all accumulating debts and what that total cost could look like for your family members. Also, consider any legal fees that are required by your family to acquire and legally obtain ownership of your assets. If you are leaving your estate to more than one member, land surveys and probate fees can add up to significant amounts for your loved ones.
If you are a resident in Kentucky, contact Best Insurance Services today to assist you with protecting your loved ones. Give us a call or stop for your quote today!