Mortgage insurance

For most people, buying a house can be one of the biggest purchase in his life and it would likely to involve a loan from a bank. So, what does that mean? That means now you have a lovely home where you can live, enjoy and grow your family. You will be proud of your home. But never forget, besides your home as an asset, it also carries a huge liability/debt.

When you are able to work, earn an income and pay the mortgage payment, everything is great. But what if something unfortunate happens?

Consider this scenario:
Husband and wife and 1 baby. Huband is working. Own a home worth $1 million. Bank loan of $800,000 with a monthly mortgage payment of $3,000.

In 1 fine day, an accident happened to the huband and he passed away. So what happens now? The wife will have to continue paying the mortgage, which means she have to find work and she have to find  someone to take care the baby. She will be burdened with the mortage payment and she will lose the quality time of raising her baby.

If you are the husband, is that what you want to give to your loved ones?

That scenario is only talking about death. But what if the husband is disabled or critically ill? The wife will even have more financial burden. Because not only she have to work to pay the mortgage, but she needs to hire a nurse to take care her husband and a babysitter for the baby. She will need even more money because now there are more expenses!

Now, with mortgage insurance your debt will be taken care of if something unfortunate happens. So you can own the home with peace of mind, knowing that your loved ones are taken care of and will not have to worry about the mortgage payment. GUARANTEED!

So let say the husband have bought the insurance, I would say that's great! But the wife is equally important to be covered too!

You can imagine if in the above scenario the other way happen (let say the wife is disabled or critically ill). So that means the husband still have to work and must find a nurse to take care of the wife and a babysitter to care for the baby. In this situation, wouldn't it be great if the husband can take time off from work and concentrate on taking care of his wife and baby without worrying the mortgage payment?

We never know where life takes us. Unfortunate events can happen to anyone, anywhere, anytime. So it is best always to be prepared for any situations. Husband and wife, please insure yourself so that both of you can have peace of mind. To me a home is something special for my family. I want it to be a place of joy and happiness. I will never ever want a home to be a financial burden to my family. What about you?


Cheers! Have a great day.

image from advicemortgages.com