Covering Your Mortgage with Insurance
If you, your spouse or life partner would pass away or if you become disabled and are unable to work, your family could potentially lose your home.
These are unpleasant yet realistic considerations.
Today, many households depend on two income earners in order to meet the mortgage payment and monthly expenses. Alerus experts see all too often that the loss of one income is typically enough to make these expenses unaffordable.
In fact, nearly half of all foreclosures are caused by an income earner’s disability. Plus, one in five people suffer long-term disability before the age of 65.
Reassuring steps to consider
To help ensure that your mortgage payment is met every month on one income or no income at all, there are reassuring steps to consider taking now: Protect your mortgage with life and/or mortgage disability insurance.
It works like this:
Life insurance comes to beneficiaries tax-free and you control how you use the proceeds. You can choose to pay off your entire mortgage or invest it and use the investment income to help make the payments. In the midst of grief, life insurance can take care of mortgage payments while your family focuses on other issues.
Mortgage disability insurance can step in and take the burden from your shoulders and pay the bill if you’re unable to make an income. Instead of focusing on how you’re going to keep a roof over your head, mortgage disability insurance can allow you to concentrate on getting better.