So you bought your first house! It’s the largest purchase you have ever made, and you will be paying off that debt over the next 15, 20 or even 30 years. You have homeowners insurance to protect you from a house fire, but do you have mortgage life insurance protection to protect your loved ones in the event of your untimely death? Mortgage life insurance is usually written as a term policy for 10, 20 or 30-years. Mortgage life insurance can provide your family with income to payoff your mortgage in the event of your death. Having this coverage can be very affordable and is available is nearly any amount. It also reduces the stress of your spouse having to find a way to supplement their income in order to make the mortgage payment.
Mortgage life insurance isn’t just for the person who makes the majority of income. It is also important for the spouse who stays home, or has a part-time job. If your spouse stays home with the children and they suddenly pass away, do you think you could go back to work within a few days? You are going to want to take time off to grieve with your family and get through this difficult time. Work should not make an already tragic and stressful situation even worse. A mortgage life policy can provide you with additional income so you don’t have work dwelling on your mind. When you finally decide to go back to work, your kids will need to be cared for. The additional income you received from your spouses life policy can help offset the costs of needing to put your children in daycare or paying for a babysitter. Nobody wants the worst to happen, but if it does, having mortgage life insurance protection will offer you peace of mind.
Call us if you have any questions or if you would like a free quote at 760-564-3888 or email us at Jonathan@3rdgenerationinsurance.com