Protect Your Family: Now and In the Future
At the beginning of a “living-together” relationship, life is pretty simple. Your biggest responsibilities are paying the rent, buying groceries and deciding whose turn it is to clean up. It’s not until you buy your first home that you feel the need to do something to protect your investment. It’s not uncommon for mortgage protection to be your first encounter with insurance. If the unthinkable were to happen, insurance can provide a tax-free, lump-sum to cover the mortgage or other expenses.
Life insurance to cover your mortgage is an easy conversation to have with your partner, but the conversation shouldn’t end there. Tragedy can take many forms, like disabilities from illness or accidents and critical illnesses. While the odds of surviving a serious illness are improving, it can still be challenging to cope with the after-effects – emotionally, physically and financially. Think about the impact on your family’s lifestyle if you were unable to work and required assistance to do simple things like cooking, bathing, and dressing. A serious illness affects everyone in your family.
You may have some form of insurance and benefits through your employer, but this may not be enough in extreme circumstances. Benefits can also end if you’re no longer able to work, so relying on it as your main source of protection may not be the best plan. If you think you can’t afford another monthly expense, think about what would happen if you didn’t have any money coming in to cover the mortgage. Your financial plan should cover all the bases including budgeting, savings, a will and family protection.
Life insurance