Thursday, August 6, 2009

Life Insurance for Real Estate Investors

Chris, a southernn California real estate investor and friend of mine, passed away in his sleep earlier this week. He was 44 years old and from outward appearances in good health. He leaves behind a wife and 3 grown children.

Chris invested in California and in northern Utah. I had interactions with him in both markets. He was creative, knowedgable, and enjoyed working with people. I will miss him.

Chris left behind a legacy of single and multi-family residential real estate investments. Most have reasonable cash flow and can stand on their own. Unfortunately, he did not have any life insurance to provide cash to his spouse to let her wait for a year or so and not have to make decisions of what to do with his real estate investments.

This is a personal opinion- if you have a family of any kind you owe it to them to cary life insurance, even if it is just enough to carry them for 6-12 months. A policy for $100,000 for a non-smoking male can be purchased for as little as $15-20 per month. If you need a recomendation for an agent to talk to, let me know and I'll put you in touch with people that I trust.

Don't take my word for it. Talk to your spouse and see what they think. Let me hear your opinion about this important topic.

1 comment:

  1. I agree absolutely. It's never fun thinking about your untimely demise, but it's much easier knowing that your family isn't going to be forced into any immediate actions or reduced circumstances.