Your home or business is normally your biggest asset. Thus, an adequate amount of protection must be enforced in the case of an unfortunate event. Mortgage insurance is very important not only for you & your family but also your assets and net worth.
Mortgage insurance pays you the pending mortgage amount in the case of your demise. It pays your regular mortgage premiums for a stipulated time period in the case of a disability.
Why do i need ?
Any group insurance coverage that you may have through work terminates if you are unemployed. Typically, employers only provide coverage that amounts to 1 to 2 times your salary in the event of your demise, and about two-thirds of your income if you become disabled. In both scenarios, it is hard for your loved ones to manage a large amount of debt. This makes it prudent to protect your assets with proper insurance.