When taking out a mortgage, considering life or disability insurance is a smart move. These types of insurance can provide valuable protection for you and your family in case of unexpected events. That's why we always make a point of giving our clients the opportunity to consider the options we offer, as well as to get in touch with a licensed life insurance provider for more detailed information. 

Let's dive into why you should think about it:

Life Insurance:
  1. Financial Security: Life insurance ensures that if something were to happen to you, your loved ones won't be burdened with mortgage payments. This can offer peace of mind and financial security to your family during a difficult time.
  2. Mortgage Coverage: A life insurance policy can be tailored to cover your mortgage balance. This means that if you pass away, the insurance payout can go directly towards paying off the mortgage, preventing your family from losing their home.
  3. Estate Planning: Life insurance can also play a role in estate planning. The policy's proceeds can be used to cover any outstanding debts, including the mortgage, leaving your assets intact for your family. Income Replacement: If you are the primary breadwinner, life insurance can replace your income, helping your family maintain their standard of living.
  4. Health Doesn't Matter: It's important to note that life insurance can be more accessible than other forms of insurance. Even if you have health issues, there are options like guaranteed issue life insurance that don't require a medical exam.
Disability Insurance:
  1. Income Protection: Disability insurance is crucial because it ensures you have income even if you can't work due to an injury or illness. This means you can continue to meet your mortgage obligations.
  2. Safeguarding Your Investment: Your home is a significant investment. Disability insurance can help you safeguard it by covering mortgage payments when your income is affected by a disability.
  3. Peace of Mind: Knowing that you won't risk losing your home in case you're unable to work due to a disability can provide immense peace of mind.
  4. Different Policies: There are various disability insurance policies available. Some may cover short-term disabilities, while others cover long-term or permanent disabilities. You can choose a policy that suits your needs and budget.
  5. Protecting Your Family: Disability insurance doesn't just protect you; it protects your family's financial well-being by ensuring that you can continue to make mortgage payments.

In summary, life and disability insurance are important considerations when taking out a mortgage. They provide financial security, protect your family, and ensure that your home remains a safe haven even in challenging times. So, think about these options to secure your future and the future of your loved ones. If you have more questions or need assistance in this regard, feel free to reach out!