Protect Your Family With Life Insurance on Mortgage

+When you decide to buy a home chances are you will need to get financing and obtain a mortgage on the property. Most people in Canada will go to their local bank or Mortgage broker in order to get approved and ultimately obtain a mortgage. After all a home is one of the largest purchases you will ever make and few people have the funds available to buy it outright. 

The main benefit of financing your home with a mortgage is it allows you to buy a home you otherwise couldn’t immediately afford. Ownership of you home can increase your net worth and financial stability over the years. Most people make improvements over the years and end up with quite a bit of equity in their home. 

It is highly recommended that you purchase life insurance on the mortgage that will pay it off in the event the borrower dies. This is why mortgage insurance and the type of mortgage insurance you buy, is critical. Without mortgage insurance, the surviving family members have to deal with the pain of losing a loved one while shouldering the mortgage payments. In this situation, most surviving family members are forced to uproot the family and sell the home. Getting mortgage insurance is an excellent way of protecting a family in the event of the unexpected.