There are many cliches about being prepared. Prepare for the worst and hope for the best. The future belongs to those who prepare for it today. By failing to prepare you are preparing to fail. The list goes on. Some things are really easy to prepare for. You know you have to prepare for the future by saving money for a new car, house, or retirement. You have to prepare your kids for school by teaching them to read or write. You know you have to prepare a will so that your wishes can be granted upon your death. But as another cliche goes, you can never be too prepared.
While many people have heard of or have invested in life insurance, not many know about mortgage life insurance, yet this could be the best way to protect your family and prepare for what happens in the event that something happens to you. Here’s why you should consider enrolling in a mortgage life insurance policy.
Mortgage life insurance is designed to help cover the cost of a home mortgage in the event that the person covered becomes disabled or dies. Since many families depend on two income earners to be able to afford their mortgage and other bills, it can be tough if not impossible to maintain this standard of living in the absence of one earner.
If you have children, losing a parent can be one of the hardest, most traumatic experiences imaginable. Now combine that with having to move from your home because your surviving parent can’t afford the house you’re living in. While regular life insurance can be used to cover any type of expense, including mortgages, mortgage life insurance is specifically intended to only pay for your mortgage and can be combined with other forms of life insurance so that your family’s whole financial well-being is cared for.
Most people would choose to pay their home off if they could so that they’d never have to worry about what happens if they’re no longer able to support their family, but that’s not always doable. Mortgage life insurance can give you the peace of mind that your family will be taken care of and the costs can be affordable at less than $1 per day.
Mortgage life insurance can be a great solution for your needs and is offered by most major insurance companies. To learn more about coverages, premium, and plans contact your trusted insurance agent.