Protecting Your Mortgage with Life Insurance

Protect Your Mortgage with Life Insurance

You should protect your mortgage with term life insurance. This way you can provide your loved ones the financial support they’ll require in the event of a tragedy.

The loss of a loved one is the worst tragedy a family can endure. The financial hardship that follows can make the burden seem intolerable. If your family depends on your income and you pass away, would they be able to make ends meet? More importantly, how would your family cover mortgage costs?

What is Term Life Insurance?

Term life insurance is one of the most affordable ways to obtain life insurance coverage. It provides protection for a limited period of time, or “term.” After the term, the insured can opt to drop or continue the coverage. Policies are available for short or fixed terms, generally from one to 30 years.

Protect Your Mortgage With Term Life Insurance

If you’re planning on purchasing a home or refinancing your existing mortgage, consider protecting your mortgage with term life insurance. Life insurance is never an enjoyable topic, but if you’re unsure about purchasing term life insurance, ask yourself this question: could your family make mortgage payments without you?

In the event of your death, term life insurance could be used to pay off your mortgage, funeral costs, credit card bills, childcare, university tuition and other family expenses. It can also serve as a form of income replacement to help your family pay the bills and preserve the same standard of living.

Do I Need Life Insurance?

If you have loved ones relying on your income to pay the bills, you require life insurance. Life insurance provides financial protection to your loved ones in the event of your passing. It can help pay for your final expenses as well as other expenses you have accumulated. If you were to pass away today, would your family be financially stable tomorrow?

It’s not a pleasant topic, but death is rarely expected. Taking steps to protect your family from financial disaster with term life insurance can help keep your family safe in the event of a tragedy. Using SolutionsFinancial.ca, you can shop and compare term life insurance quotes from top providers in Canada.