FIRST TIME HOME BUYERS SERIES | WEEK ELEVEN | Mortgage Life and Disability

Are you risking your family’s future by not considering life and disability insurance in your home buying process?

In week11of our first time home buyers series we’re going to talk about a touchy subject, but one that is super important. Let’s talk about life + disability insurance.

Mortgage Life Insurance serves as a safety net for your loved ones in the event of your unexpected passing. This insurance ensures that your outstanding mortgage balance is paid off, relieving your family from the financial burden during an already challenging time. 

Similarly, Disability Insurance steps in to provide financial support in case you are unable to work due to a disability. Your mortgage payments are covered, allowing you to focus on your recovery without the added stress of potential financial strain.

Relying solely on life insurance coverage provided through your employer can present several challenges and potential drawbacks. 

Employer-sponsored life insurance is often tied to your job, and is not portable if you change employers or lose your job. 

These policies usually provide coverage up to a specific limit, which might not be sufficient to meet your family's needs. 

When you apply for Mortgage Life and and/or Disability Insurance with your mortgage, Coverage moves with you even when you change employers or  lenders, Your original coverage goes with you. Your premium is locked in at the age you applied.

Understanding the importance of Mortgage Life and Disability Insurance is not just about securing your home; it's about securing your family's future and preserving the dream of homeownership, even in challenging times. 

If you’d like to learn more, please reach out. Join us next week in our final installment of our first time home buyers series where we’ll talk closing costs.