Is Mortgage Life Insurance Good for Me?

Mortgage Life Insurance: A young couple, newly engaged had some to see me in the early 2000s to learn whether they could afford a new home. He was a long distance truck driver and she had an office job in Hamilton. Let’s call them Ben and Shirley for the purpose of this story (not their real names). They worked very hard to diligently save money for their first home. The couples’ sacrifice over time allowed them to finally be pre-approved. Shortly after, Ben and Shirley purchased a home, were approved and prepared to move in within a few months. Imagine my shock when a very emotional and distraught Shirley called me early on a Monday morning, to provide news that I was not expecting: Bill had passed away in a highway accident.

It is not easy to forget this true and very tragic story. Shirley had to get out of the real estate purchase, pay for a funeral, move in with family as she could not afford rent on her own and was devastated emotionally and financially. The couple had decided to turn down the mortgage life insurance. Who would blame them! They were young and in good health. What possibly could have gone wrong. I am guilty of some of the same mentality.

The Importance of Mortgage Life Insurance

My thought process too completely changed. Sean Howard and Robert Floris of Mortgage Architects in Hamilton are both family men who have had many discussions regarding life insurance. You better believe that it is very important. None of us could predict our future but we certainly protect it and your family.

When offered mortgage life insurance, strongly consider accepting it. If nothing else, you have some form of life coverage. Is it the best form of insurance? Not necessarily. Term insurance may be a better option for you. It does not matter as it is about your relationship and family. When you buy a principal residence or even if you are mortgage free, life insurance will protect your family and you will sleep better at night knowing your family situation is safe.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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