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Do You Need Life and Disability Insurance on Your Mortgage? How Much is Peace of Mind Worth?

1. Stability Matters: Do you want your family to stay in their home, even if something happens to you?

2. Income Reliance: Is your income crucial for the mortgage payment, and would your family struggle without it?

3. No Backup Plan: If you were unable to work for months due to illness or injury, would you have a way to make your mortgage payments?

4. Peace of Mind: Do you sleep better knowing that unforeseen events won't jeopardize your home?

5. Family’s Future: Do you want to ensure your family isn’t burdened with mortgage debt if the unexpected occurs?

6. Limited Savings: If you had to take a break from work, do you have enough savings to cover your mortgage and all other expenses for an extended period?

7. Health Concerns: Are there any current or potential health issues that might prevent you from working in the future?

8. Dependents: Do you have children or other dependents who rely on your financial support and the stability of a home?

9. Solo Breadwinner: Are you the primary or sole breadwinner in your household?

10. Current Coverage: Is your current life or disability insurance insufficient to cover both daily living expenses and the mortgage?

If you found yourself nodding or saying "yes" to these questions, it's a clear sign that you should consider life and disability insurance for your mortgage. By doing so, you're not only securing your property but also ensuring peace of mind for you and your loved ones. Your mortgage broker will offer you life and disability insurance once your approval is in place and all conditions are met.

Tonia Mercer | The Mortgage Missus Inc.

About the author,

Tonia Mercer is an independent mortgage broker. She has been in the industry for 15 years, in 2021 she launched her own brokerage The Mortgage Missus Inc.

Tonia is passionate about financial education and believes that working with independent experts is the best way to get unbiased, professional advice. She has joined forces with local independent home and auto, financial advisor, legal, appraiser and real estate service providers.Effectively creating a concierge service for all things financial and real estate.

Tonia donates a portion of all mortgage revenue to Mercer's Mission, a street dog and cat feeding mission in the Dominican Republic.

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