Why You Should Have Mortgage Insurance
Anyone who has achieved the dream of a home of their own will be very anxious to keep it for themselves and their family.
That usually means that they get fire insurance, but what about the case where they could no longer afford to pay for the house? Insurance policies are available that protect the ownership of the home in case you cannot pay your mortgage due to death or disability. The main kinds of mortgage insurance given on the market are life and disability.
When the primary salary earner's salary is disrupted, either because of death or a severe disability that stops him from working, the odds are that the surviving spouse could not keep the house.
Even though any kind of life insurance is hard to think about because it involves the thought of death, one has to face the real possibilities. But if you worry about your loved ones, you will worry whether they will be able to keep their home if you pass on.
A typical mortgage life insurance policy will provide a benefit that can pay down the balance of the mortgage on your residence. One kind of mortgage life insurance policy is a decreasing term policy, whereby the payout decreases over time, just as a mortgage balance decreases over time.
The other type of in demand mortgage insurance is disability insurance that will assure that the home loan is paid, even after the primary salary earner is no longer earning a salary. In this case, the mortgage is paid out of the benefit of the policy. Despite the fact that some people may have disability insurance from their job or the state, the benefit is usually not enough to cover all expenses, therefore additional insurance such as mortgage disability insurance is necessary.
As a matter of fact, mortgage disability insurance may be a better choice than mortgage life insurance because the possibility of a wage earner becoming disabled are higher than of his dying.
What about the very usual case when both salaries are required in order for the mortgage to be paid? Just envision if both income earners were disabled in an accident; since spouses frequently travel together, this is a real possibility.
by: Phillip T. Harden
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