Life Insurance for Mortgage

If you're a new homeowner, congratulations! Not only is a house a major and exciting purchase, but it's an asset that needs special protection. That is life insurance for mortgage protection.

Life and Mortgage Insurance

Let me paint you a picture that is unfortunately all too common. Imagine a family move into their new house and after some time, the head of household passes away. Let's say his wife is a stay at home mom raising the kids. Will she now have to take up a job? How will she continue raising the kids without income? In many cases, she will lose the home and move in with family if she has any. But, what if her husband doesn't pass away, but comes down with a major illness like heart attack, cancer, or stroke and has to be without income for six months to one year. How will they continue to pay the mortgage?

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Good news! You can get a free quote directly on this website here. Click on "Get a quote" and you can get live numbers. Then if you see something you like and want to discuss further, please book a consultation here.

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Life happens. Statistically in the United States, every 40 seconds someone has a heart attack. Nobody wakes up and thinks, "Today is the day I will have a heart attack," but when it happens wouldn't it be better to get a check in the mail for $20,000 rather than just get well cards?

Mortgage Insurance Life Insurance

So what exactly is mortgage insurance life insurance? Generally the most affordable way to do it is to buy term life insurance that is enough to cover the cost of the mortgage should you pass away. But, I wouldn't just stop there, personally. Life insurance is meant to replace income. So let's say, God forbid, you pass away, how long can your family maintain their lifestyle without income? Sure, the mortgage may be paid off, but how about other expenses? Ideally you want to have enough life insurance to cover at least 10 years worth of income. So if you earn $100,000 annually, you'll want to be covered for at least $1,000,000 to cover the income. Of course, your health and age determine the cost of insurance and how your budget will determine how much you'll actually buy.