Something you never think of until you need it...

Wow what a beatiful sunrise here in Richmond, BC. You can feel the change in the air. It is so much easier getting the kids up and off to school on a nice sunny day as opposed to the overcast and rainfilled ones.

I just wanted to quickly blog about something that you never think of. SOmething that I believe to be essential in anyones life. Something that is a life changing product. Something if set up right can protect your family and kids. Something that it seems people only want when they can no longer get it.

And that is....

Life Insurance. Or for the sake of todays argument  what I like to call mortgage protection insurance.

Truth is I have to offer it.

Do I want to?

In the beginning I would just go through the motions. Nowadays, after my Father Jack passed away last May, I have gone through what most might call a paradigm shift.

When Dad passed away last May, he left my mom well set up to continue on with her life and not skip a beat. Part of that was his Banking background and well thought out financial plan. Inclusinve of that was a Life insurance policy that paid off the mortgage left on the Family home. This meant that Mom didn't have to scramble to make payments and could keep living.

Yes it didn't change that her husband of 30 years was gone and not coming back. That still hurts I am sure to some degree. What it didn't make her do is become a greeter at Walmart. That is what I am trying to make clear here.

Mortgage professionals can protect their clients’ families and their homes through a mortgage life insurance policy.

Mortgage life insurance is simply a life insurance policy on the homeowner which will allow their family or dependents to pay off the mortgage on their home should something tragic happen to them. This is not to be confused with mortgage default insurance, which lenders require to cover their own assets if you have less than 20% equity in your home. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender itself.

While it is nice to think that if you were to pass away your mortgage would be paid off, is it really necessary for you to pay for this service? If you already have an adequate amount of life insurance then the answer might be no.

If you are the primary breadwinner in your home and your death would leave your family without the means to pay for the mortgage, then mortgage life insurance might be a good option.

When looking at mortgage life insurance policies, it’s important to know if the policy that you choose is portable, and if it’s backed by a large organization. A mortgage professional will take you through the ins-and-outs of mortgage life insurance. By evaluating what you really need, and the differences in coverage and costs, you can make the best decisions for you and your loved ones.

At the very least take your mortgage professionals offer to cover the mortgage you are undertaking.

If you are truly smart and have a plan, then take his or her referral to a Life Licensed agent and explore in more detail. There are products out there that allow you to contribue for the next 20 years and then never pay a dime again. Yet, you are covered for the rest of your life. You are in the prime earning years of your life between 30-50, why not set your kids up for success as opposed to having to settle your estate bitterly.

Just my thoughts.

The plan that most mortgage agents offer covers your from the time you sign the form. it also gives you the option to shop it around for 60 days no hassle money back idea. So do yourself and Junior of the future a favour and sign to apply. Then do yourself the due diligence only you deserve and shop it around to see if you can do better.

Enjoy this Friday morning, unless you choose otherwise.

Want more info on todays Rant?   http://www.kevynoyhenart.ca/


until tomorrow...

Kevyn