✪ How This Might Affect Your Mortgage!
If you're a homeowner, here’s how a protection gap could directly impact your mortgage:
✪ Life Insurance Gap:
If you die unexpectedly and don’t have enough life insurance, your family might not be able to cover the remaining mortgage, which could result in foreclosure or forced sale of the property.
✪ Property Insurance Gap:
If your homeowners insurance doesn’t cover the full cost of rebuilding after a disaster (fire, flood, etc.), you might face a large out-of-pocket expense. Mortgage lenders require homeowners insurance because they want to protect the property, their collateral. If your coverage is inadequate, you're personally exposed to financial risk.
✪ Income Protection Gap:
If you're unable to work due to illness or injury and lack income protection, you might fall behind on mortgage payments. This could lead to default or foreclosure.
Your family deserves more than a roof! Having the right insurance coverage is critical not just for personal financial security but also to ensure you can continue to meet major financial obligations, like your mortgage. The protection gap can leave you and your family vulnerable in times of crisis. It’s wise to review your coverage regularly, especially after major life changes. We are here to help you mind the gap.
