Q. How To Protect Your Home As A Financial Asset.
A. Financial security is often the top reason people cite for buying a house. Yet a recent poll cited in the media suggested that more than one in three homeowners don’t have any coverage beyond home insurance to help cover liabilities and protect this financial asset in case of illness or death.
While it’s essential for a home to be protected against fire and property damage, it’s also important for homeowners to cover their mortgage liabilities to protect themselves, their families, and their biggest investment.
Whether through a traditional life insurance policy, critical illness insurance, or an insurance product tied to a mortgage, professional advice can help identify the right financial security blanket for homeowners.
If you have children, life insurance is key to provide for their long-term security. Adequate coverage can pay off the mortgage, allowing children to live in the same house, go to the same schools, or fund a university education.
If you or your spouse were diagnosed with a critical illness,* you can rest assured with critical illness insurance since it pays off the existing balance on your mortgage.
If you were to lose your job involuntarily, loss of employment insurance can protect you and provide you with peace of mind.
With professional advice, those who own their own homes independently can fortify their financial security.
*Critical illness = heart attack, stroke and certain types of cancer. See in-branch for details.
