A qualified mortgage broker would never let you agree to sign to a mortgage without first discussing Creditor Life and Disability Insurance. You have a few options to choose from when it comes to life and disability coverage, creditor insurance is but one option.
Life insurance protects your family in the awful event that something happens to you or the policyholder. If an untimely death should occur in your family, Creditor Life Insurance issues the amount owing on your mortgage to the lender, thus relieving your family of the financial burden of payments and ensuring they will have a home forever.
Disability Insurance supplies equally comprehensive coverage by guaranteeing monthly mortgage payments in the case of a debilitating injury or illness that may prevent you from working.
I often say to clients that the main difference between life and disability insurance is that one protects you if you live the other protects your family if you die.
Other offerings include Critical Illness and Involuntary Unemployment coverage. There is no after market product for Involuntary Unemployment insurance so in this economy, if you’re buying or refinancing, and you’re concerned about job loss, you may want to apply for investigate Involuntary Unemployment coverage further.
If you opt for individual insurance, instead of creditor insurance, we can recommend to Insurance Professionals who can discuss the pros and cons of the various options.
If you would like to discuss term or individual insurance, let us know and we’ll recommend some excellent professionals who can help.
Make sure you have a plan in the event of death, disability, critical illness and involuntary unemployment - your family is depending on you.