Protecting a Mortgage
The most important step you need to take before you remove the 'Sold' sign from the front lawn is reviewing your disability insurance and life insurance plans.
Every day, Americans across the country fulfill their dreams of buying a home, and for many different reasons. There are first-timers excited about ownership, expectant parents needing to increase their living space, empty nesters downsizing to something fit for two, new hires relocating to brand-new cities, and retirees finding something just right. No matter what the case is, buying a home is a big deal - one of the biggest financial decisions you can make. But the most important step you need to take before you remove the 'Sold' sign from the front lawn is reviewing your disability insurance and life insurance plans.
In addition to protecting your home and property with homeowner's insurance, you want to protect your ability to pay for them. Your income is one of your most valuable assets. In fact, your ability to pay your mortgage, maintain your property, and keep your home depends on it. The loss of an income can mean a drastic change in lifestyle. If you were to become sick or injured and unable to work, your disability insurance benefit could be used to help you take care of mortgage payments and other expenses that just can't wait.
If you were to die unexpectedly, could your family take care of the mortgage? What would they do? It's important to protect your ability to pay for your home and ensure that your family will be able to afford living there should something happen to you. No one wants to think about untimely death, but your life insurance benefit could help ensure that your family can stay in the house they've made their home.