Staying in the Home

What can life insurance and disability insurance provide when it comes to your family’s life style? Staying in the home should be a top priority of any financial protection plan. If you die, your family may not want to stay long term in the house you live in or they may. Regardless, they need time to decide and money will buy them time. A death benefit that can pay all, some or even one to two years of mortgage payments should buy them plenty of time to do one of the following:

• Re-finance to a more affordable payment by putting a lump sum down on the mortgage balance.
• Pay off the mortgage completely.
• Have one to two years of payments so that they can put up the home for sale while keeping the bank at bay. After all, you want your family to get the home not the bank.

Disability insurance provides a paycheck while one is temporarily or permanently sick or injured and unable to work. If you are not working your sick pay and savings will dry up quickly. A disability check could mean the difference between staying in your home while you are unemployed and racking up medical bills and being thrown out. Again, the bank does not care.

A simple mortgage protection plan should be part of your long term financial planning.