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If you have slaved for a number of years to buy a home, you probably have thought about ways to protect it.

If something happens to a main salary earner, such as death or a serious disability, the homeowner would probably want to find a way to make sure his family does not lose their home. There is an additional insurance that protects this from happening. The main types of mortgage insurance given on the market are life and disability.

When the primary salary earner’s salary is gone, either because of death or a severe disability that stops him from working, usually the surviving spouse could not keep the home.

No one likes to consider the idea of their own death, but a good family man will endeavor to protect his family in case of such a tragic occurrence. If you want to insure that your family will be in a situation to continue living in their beloved home after you are gone, you will buy a mortgage life insurance policy.

The benefit of a mortgage insurance policy will pay off the home loan in case of the insured’s death. Most mortgage insurance policies are decreasing term, where the amount of the policy gets lower along with the outstanding balance of the home loan.

But the death of the breadwinner is not the only threat to home loan payments-if the homeowner is disabled, he will not be able to afford the mortgage either. The monthly mortgage payments will continue to be made during the time the insured is disabled. The disability insurance payments you may receive from a state or company disability plan is usually much less than your actual salary, and therefore would normally not be sufficient to fully cover your mortgage payments as well as your other living expenses.

As a matter of fact, mortgage disability insurance may be a more valuable choice than mortgage life insurance because the possibility of a wage earner becoming disabled are higher than of his death.

There is the added complexity that many households could not even afford a home if both partners were not employed, and they should buy a joint policy. Just imagine if both income earners were disabled in an accident; since spouses frequently travel together, this is a distinct possibility.

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