Mortgage vs. Term Life Insurance

When it comes to life insurance it’s important to understand what you’re purchasing in order to keep your family and loved ones covered. One aspect of life insurance to understand is Term vs. Mortgage.

 

What is Mortgage Insurance?

As the name implies, mortgage insurance will cover your remaining balance on your mortgage in the event of your passing. One pro of mortgage insurance is that it is typically very simple to obtain. The amount of coverage you receive is directly tied to your mortgage so as you pay down your mortgage over the years the amount you receive decreases. The issue with the decrease in coverage amount is that your premium stays the same. The beneficiary for this insurance is owned by the bank who holds the mortgage.

 

What about Term Insurance?

Term life insurance provides coverage for a defined period of time, such as 10, 15, 20, 25 or 30 years. As a term insurance policyholder you pay an annual premium amount for the defined period of time and the insurer, or the company you purchased your policy through, will pay your beneficiaries the pre-determined policy amount. There are many advantages including the cost, but it only covers you during the term.

 

For many cases, mortgage insurance will not be enough for your loved ones. Even though your mortgage would be taken care of there is still the cost of living and funeral costs that will burden your family.

 

The video below provides additional information about both types of insurance. If you would like to discuss your options call us at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at nick@mcgriffwilliams.com.

https://www.youtube.com/watch?v=PUNloFs2Rx0

Lowest Priced Prescription Drugs in Gainesville

Ever consider price shopping prescription drugs before filling at your usual pharmacy? Your answer is most likely no, as most people just have their doctor call it into the place closest to your house or even who may have a drive-thru, whatever is most convenient.

Prescription drugs can get very expensive so it may be worth your time to see who has the least expensive medications in your area. A good tool to use is www.goodrx.com. On this website, you can search by specific drug in your zip code to get a full comparison of all pharmacy charges, with or without a coupon, and even print cost savings vouchers. Here is an example of a search we did for 5 of the top 10 most filled drugs in 2017:

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Whether it be your personal wallet or your employer’s, you could save a lot of money by doing a little bit of homework before filling your next prescription. If there’s ever any way we can assist with your prescription drug or health insurance questions, please call (352)371-7977 or email info@mcgriffwilliams.com.