You own your home, but if you have a mortgage it is the bank that really owns it until you pay it off. If you bought your home with less than 20% down chances are you have Private Mortgage Insurance (PMI) that you are paying monthly along with your mortgage payment. You might think this Mortgage Insurance protects you if something should happen to you and you cant make your mortgage payment.
Imagine you are in a car accident, develop a serious illness, have some other kind of accident or even pass away. You will be out of work and possibly not be able to make your mortgage payment anymore and even worse, your other expenses. You are thinking the Private Mortgage Insurance will save your home. You would be wrong. PMI only save s the bank on their investment and they will be quick to foreclose on your home. All that work you put into making your house a home (painting, planting, etc) will now be in the hands of the bank and soon you will be out of a home.
PMI is there for the bank. What you need is Life Insurance to save your home from foreclosure if anything should happen to you. Life Insurance now has what is called “Living Benefits” which means that in the case of a major accident or serious illness, you will be able to take money out of your policy to make those mortgage payments, pay your expenses and also the doctor bills. In the case of death, of course that money goes to your beneficiary (your family) so that the home they are living in will be able to be saved.
Depending on your age, Term Life Insurance can be as low as $20/month for a $300,000 policy for example. Here is an easy Term Life Insurance Quoter to figure out how much it will cost you. It is simple to use. Just put in the state you live in, your birthdate, and the amount you will need (make sure it’s at or above the mortgage you have left) and then you will get a ballpark on the cost per month to protect your home from foreclosure.
Your home most likely is the most expensive item you have purchased. Most people don’t think they can lose their home. You will need to protect your investment. Most people install surveillance equipment to protect their belongings but they don’t think about protecting their investment from the bank. Don’t let the bank take your home due to non payment. If something happens to you, you will want the assurance that you can make your mortgage payment. Term Life Insurance is that protection. Protection from Foreclosure. Protection from the Bank. Protection for your family.
For more information on how Term Life Insurance can help protect your home from foreclosure, contact us here or give us a call at 980-417-9978.