When purchasing a home, lenders will often insist on applying insurance to your home. There are several different types of insurance to consider when consulting with your insurer.
Some types of insurance include:
Mortgage Life Insurance: is an inexpensive coverage on your life which protects your family or beneficiaries by paying off your outstanding mortgage in the event of your death.
Disability Insurance: is important if your mortgage payments depend entirely or in part on your income. Disability insurance provides replacement income if an accident or illness prevents you from working.
Job Loss Insurance: an insurance which covers the mortgage payments in the event that you involuntarily become unemployed