Anyone who has achieved the dream of a house of their own will be very anxious to keep it for themselves and their family.
If anything befalls you, either death or disability, you probably want to be assured that your family will not have the home you have worked so hard to get taken away from them. This is where mortgage insurance has a role. There are two kinds of mortgage insurance, a life policy and disability insurance.
In most cases, if the salary of the main breadwinner is threatened, the family will not be in a position to pay mortgage.
No one likes to contemplate the idea of their own death, but a good family man will make efforts to protect his family in case of such a tragic occurrence. If a family head is concerned that his or her family will become homeless because of loss of his or her income, the most logical solution is a mortgae life policy.
A mortgage life insurance policy will pay off the home loan in case of the death of the insured. One kind of mortgage life insurance policy is a decreasing term policy, whereby the payout goes down over time, just as a mortgage balance goes down over time.
But the death of the breadwinner is not the only threat to home loan payments-if the homeowner is disabled, he will not be able to afford the mortgage either. In the case of disability insurance, the mortgage payments are made while the insured is unable to work. Many people have disability insurance from their employer, but they should consider the amount of this policy, which is not normally high enough to cover all expenses, including the mortgage.
As a matter of fact, mortgage disability insurance may be a better choice than mortgage life insurance because the chances of a wage earner becoming disabled are greater than of his death.
Many homeowners today can only afford to buy because there are two incomes supporting the household, and therefore joint policies are be necessary to truly protect the home. Just envision if both income earners were disabled in an accident; since spouses frequently travel together, this is a real possibility.
You can always check hypotheque taux or pret hypothecaire
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