Perhaps the family’s largest and most beloved purchase, the home, which provides us with shelter, leisure, worship space, and a lot of time office space can be lost by the unexpected death of a breadwinner. If advance plans are taken to secure the family home and lifestyle with the funds to replace and/or stabilize the loss of income in event that such an eventuality occurs.
However, if you have a mortgage on your home the mortgage financing company requires you to purchase homeowner’s insurance which protects their invested funds because it covers both damages to property and liability or legal responsibility for any injuries and property damage policyholders or their families cause to other people.
It is up to you, the homeowner(s), to plan for contingencies that will provide financial security protection for the stability of your family in the event there is the death of one or both breadwinners of the home.
Because mortgage protection insurance is a major component of the family’s Financial Security Protect Plan that provides for funds to maintain family standards and lifestyle. This brings about the emotional uplifting for the family to be able to stay in the family home, maintain stable social environments of schools, churches, sports activities, music lessons, neighbors, friends, etc… that family members have become accustomed to and integral to their daily lives. Planning can provide the mean for the family to better get thru the period of adjustment because of the loss of a loved one.
Mortgage protection can be implemented with affordable term life insurance that is designed specifically for homeowners. A mortgage protection plan typically provides coverage for the same number of years – or “term” – as your mortgage. Your beneficiary will receive funds to pay off the mortgage if you pass away during the insurance coverage period.
Different strategies can be used to satisfy your Financial Security Protection Plan’s funding needs. Two considerations to provide funds are for a Stabilization Period or Mortgage Pay-Off.
There isn’t a one-plan fit scenario because the life insurance policies can be designed to meet the coverage amounts and time periods to meet your need.