Buying a home is one of the biggest milestones in life; People across the nation understand the necessity to protect the new asset, by installing expensive security systems and upgrading the outdoor lighting to prevent vandalism and theft. Many forget the most important thing, protecting a family’s ability to make the mortgage payment should something happen affecting the families finances.
Over 83,000 foreclosures happen every single month in America (FDIC), many are the result of a deaths in the family. Equity in the home is one of most valuable assets Americans have.
Our team at Family Group USA developed a Life Insurance Range of Need Calculator to help families minimize exposure to Financial risk.
• Protecting the equity in case of death or disability is crucial.
Plans are available that can pay off the entire mortgage if either spouse passes away.
Programs can be designed to make six months to three year of mortgage payments if a spouse intends to sell the home.
• Protect income in case of disability or illness.
Income protection plans ensure a family will have money available to pay monthly expenses no matter what. Protection Plans Include: Death, Disability, Critical Illness (Cancer, Stroke and Heart Attack).
• Protection Owned by the family.
Mortgage Protection is a competitive market place, it is important to understand who a program benefits. Many ‘through the bank’ policies pay a lender directly and the protection may not transfer if the mortgage is sold to another company.