Insured 2 Day, an insurance portal operating from Calgary, Alberta, Canada, has recently released a new blog post to help people avoid problems with regards to mortgage life insurance. The blog points out that too many people believe having life insurance in place that covers the mortgage balance itself is all that is needed to be safe and protected. However, this is actually a dangerous way of thinking. The blog post can be seen at http://www.insured2day.com/#!Dont-Bet-the-House-on-Mortgage-Life-Insurance/c42g/5624956f0cf2c6c6437c38e2.
"Having mortgage life insurance in place is better than nothing, but it really isn't enough," says Gavin Jung from Insured 2 Day. "It's like saying that the only things the deceased contributed to with their income are the mortgage payments. This means that the mortgage may be paid off, but there literally won't be any money left for anything else."
According to Insured 2 Day, those who only have mortgage life insurance could be gambling away their homes. Owning a home is far more than just making mortgage payments, after all. There are utility bills, repair bills, and more. In addition, there is the general cost of living for things like vacations and clothing, luxury items, food, and more. It simply isn't sufficient to insure against the mortgage payments only, particularly when considering that mortgage life insurance isn't cheap.
"While many people see insurance as a necessary thing, they usually don't want to spend too much money on it," adds Gavin Jung. "This is understandable because life is expensive. But this is in fact further proof that insuring for mortgage payments only isn't good enough. We are ready to help people find the insurance that actually suits their needs at a price they can afford. This could, in reality, prevent them from losing their home."
Life insurance is priced using complex algorithms. Insurance providers will look at factors, such as health, age, the amount that has to be insured, lifestyle, and more. The answers to these questions will determine how much the insurance premium will be. For instance, the older people are, the more expensive their life insurance premiums will be. Further details about life insurance are available at www.insured2day.com.
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Contact Insured 2 Day:
Gary Wojciechowski
403-714-0211
gary@thewoj.net
Insured 2 Day 221, 18th St. S.E. Suite 102 Calgary Alberta T2E 6J5
