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Your Are Here: Pondered.org --> Personal & Well Being --> Mortgage Insurance

Mortgage Insurance:

Your home is probably one of the biggest investments you have ever made, and as such it’s only natural that you would want to provide whatever protection is available to ensure that you do not end up losing your home. This valuable asset could be in constant danger, but the availability of mortgage insurance goes a long way towards providing valuable protection against many unforeseen and uncontrollable circumstances. It is important to remember that as long as you have a mortgage on your home, the property does not belong to you. It belongs to the bank or the finance company that has loaned you the money, and they can reclaim it at any time if you slip up when it comes to making the mortgage payments. But sometimes things happen that can leave us unable to make these payments, and this is when mortgage protection can really get you out of hot water.

Many people are made redundant every year, and however secure you think you may be in your job you just never know when you are going to be summoned into the boss’ office and told that you are going to have to be ‘let go’ due to cut backs, budget constraints, etc. This can come from out of the blue, leaving you in turmoil. And apart from the fact that your life has been totally disrupted and you have to look for a new source of income, you will also have to face the possibility of losing your home because you are unable to make the mortgage payments. This is a worry that you can well do without at an already stressful time, and having mortgage insurance will help to ease your worries by ensuring that your home and mortgage are safe while you get your life back on track.

Of course, it’s not just redundancy that can result in loss of income. Accidents, sickness, and disability can leave you in a condition where you are unable to work, and thus unable to earn an adequate income. Mortgage insurance comes in a variety of levels, and for maximum peace of mind it is best to ensure that you are covered for accident, sickness, and unemployment. Having mortgage insurance provides reassurance not just for you but also for your family. You can rest assured that if anything unexpected and out of your control does happen, leaving you unable to meet your mortgage repayments, you won’t have to worry about losing your home while you try and sort your life out.

Some of the excellent features available with mortgage insurance include:

  • Flexible coverage options to suit your budget and needs
  • An average of 12 months worth of repayments (subject to policy)
  • Low monthly premiums available on many plans
  • A vast choice of insurers offer low cost deals
  • Coverage for accident, sickness, disability, and involuntary unemployment

The exact features of the plan will differ from one policy to another, and it is important to carefully read the terms, features, and restrictions of any mortgage insurance policy before you commit. Make sure that you compare the benefits and features as well as the premium to ensure that you have adequate coverage for your needs, and don’t assume that the cheapest will be the best. Many families lose their homes each and every day through repossession, and in order to ensure that you don’t end up as just another statistic, it is vital to ensure that you have adequate protection for your mortgage and home.

At the end of the day, none of us knows what tomorrow is going to bring. Of course, we hope that it’s going to be all good, but all too often unfortunate events do take place, and with mortgage insurance you can ensure that the damage caused by these situations and events is as minimal as possible.

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