Life Insurance For Mortgages. Let’s move on to discussing mortgage insurance. Said mortgage insurance? Oh yeah! Yes, it is a unique name given to normal life insurance, usually in a very good name in the ring – makes a big difference for people wary of “life insurance”. So do not buy life insurance – no, no, they buy mortgage insurance. I wish there were many more unique names for a good old life insurance to convince people to buy life insurance to protect their families and property.
Apparently, people do not want to talk about death; So life insurance is the last topic of discussion, unless you receive a call near the Creator, through a heart attack or stroke. Mortgage insurance is not mandatory in your bank, or anywhere for that matter. All you have to do is sign a waiver and is already in the race. The waiver relieves the lender of its obligation to provide a plan to take care of your family if you have had a premature death.
Returning to the statistics. 1 000 people over 30 125 die before the end of a 25-year mortgage. And surprisingly, despite this fantastic name to this important plan, there are thousands of vulnerable families and their dependents left open the risk of losing their homes. Certainly I am pleased that, due to the aggressive shots sold by banks, many families are protected. Otherwise, there would be thousands of families unprotected end up homeless.
If a mortgage is not paid immediately, in the case of his death, he will become a great responsibility to the family.
Choice: Let’s visit the options that your family can do in such a situation.
1. Does the spouse / surviving partner the whole burden of the mortgage and the bank does not accept the risk? If two back together were difficult to make ends meet, how can they have an adequate income?
2. The family could sell the house, move or rent elsewhere. Will there be a buyer for the house? What about the costs involved in selling the house? Will you have enough money after selling or she will have the family bank?
3. sell the house and move in with relatives. It is not the best alternative, and how many people philanthropists, generous parents willing to take in another family? Not many, I bet.
4. It is an accepted fact that for most people their home is their most valuable asset and protected by mortgage insurance done.
By the way, I’m sure you’ve heard this statement from a friend saying that someone they knew was dead and the surviving family has no money. It can be concluded immediately that these people are uninsured and should have probably snoubé many insurance advisors like me. If you really love your family, just $ 15.00 per month can avoid such an eventuality.