How to Protect Your Home Mortgage with Life Insurance

Are you a homeowner? Are you still paying mortgage on your family home?

If so, I hope you have life insurance.

Why?

While homeowners insurance may protect you from theft and/or damage, but do you know what will happen to your home mortgage if something happens to you, the breadwinner?

Over the years, you've probably invested many hours and lots of hard-earned money to increase your property's value, creating a safe and comfortable home for your family.

But have you done everything you can to safeguard your family and investment?

Related article: Don’t Waste Your Money on Mortgage Life Insurance

A life insurance policy can replace your income in the event of untimely death, disability or illness, so your family can continue to afford the mortgage payment and continue to live in the home you have provided without financial devastation.

The living benefits from your life insurance policy can be used to pay for medical bills in case of critical or terminal illness. Some policies may even provide disability income or fund for long-term care.

All of these living benefits can help ease the burden of losing your income.

And in case of untimely death, your family will be provided for for the rest of their life with the death benefit. They can use the death benefit from your policy to replace your income, pay-off the remaining mortgage balance on your home and pay for any debts and/or expenses.

Related article: Pay Off Your Mortgage in 7 Years

Do you think your family would complain getting a $500,000 or $1,000,000 check when you leave this world?

How much and what kind of life insurance is suitable for you?

Well, that depends on where you are financially.

Or Do You Already Have a Life Insurance?

While you may already have a life insurance policy, does it provide enough coverage to replace your income when you are gone?

Without enough funds, your family may struggle to pay the mortgage and keep up with their current lifestyle, and may be forced to sell your home to make ends meet.

A life insurance needs analysis can help determine the appropriate amount of insurance coverage you need. If you don't currently own life insurance or haven't reviewed your policy in a while, a needs analysis can help you determine what's best for you and your loved ones.

Don't wait until it's too late...protect your family today.