Will Ohio Life Insurance Cover Your Mortgage?

Will Ohio Life Insurance Cover Your Mortgage?

June 04, 2014

So you just officially signed on the dotted line and bought yourself your first house. Congratulations, you’ve just taken on the biggest amount of debt you will probably ever have in your life.

Sounds like a good time to pop open a bottle of champagne and throw one crazy house warming party.

After your house warming honeymoon wears off, the reality of your financial decision starts to set in.

You start thinking to yourself. “What happens if I lose my job?”

“What happens if my wife loses her job.”

"Will They Put Us In Jail for Not being able to pay?'

Those are are very real and valid concerns, I can’t really help you out if you lose your job, I could write you a recommendation but I doubt any employer will care what your insurance agent has to say.

The one thing I can help you with is protecting your family from this expensive decision by purchasing the right life insurance policy.

“What’s the right life insurance policy,” you might be asking?

That’s a great questions.

Since mortgages are around 30 years, your best would be to find a 30 year term policy for at least $100,000 more than what the house is worth.

Those policies, remember you need to get life insurance for both of you, there’s no sharing a policy like health insurance. It’s every man for himself when it comes to insuring your life.

Watch the short video below for more details on how life insurance can help project your home when it needs it most.

This video is part of a five-day-a-week series that promises to answer one of your questions every day we are open for business. If you want to come along for the ride, click the subscribe button on the left:

If you would like some help with auto insurance or want to make sure I'm a real human being, you can send me an email, give me a call at 440-964-8211 or talk face to face over the internet.