|
|  |
Home Ownership Made Easy
276 hits
| Feb 17, 2004 10:32 pm |
|
Since we're speaking of insurance for homeowners...... |
Angelo Cerase
 | |
Hello,
While we're already speaking about insurance for homeowners, I'd like to mention something. Many homeowners purchase life insurance (either though their lender or, ideally, their financial advisor) in order to cover the remaining mortgage on their home (and a little extra at least). This is a good idea, but, it's not a complete solution.
In North America, 3% of mortgage foreclosures are due to a death in the family. HOwever 47% of mortgage foreclosures are due to a family member contracting a critical illness such as cancer, stroke, heart disease, or other similar illnesses.
Think of the people you know. Chances are that there are a few people who have or had a critical illness. In addition to the very serious health consequences, think about the financial consequences that your friend or relative faced. If someone walked up to them and gave them a (tax-free) cheque for $150,000 or $250,000, or more, would that have relieved a lot of the financial stress that they were facing? Would that have allowed them to focus on getting better, rather than focusing on rushing back to work to pay their mortgage and other bills?
That is exactly what Critical Illness Insurance does. It allows a person who is going through a life-changing illness the ability to focus on getting better, by giving them a large, tax-free, lump sum of money with which they can do whatever they want.
Angelo
Private Reply to Angelo Cerase (new win) |
|
