Subprime mortgages have dominated the headlines as real estate prices fall and the loan default rate increases. But despite the headlines, the reason for nearly half (48 percent) of all home-mortgage foreclosures in this country has not changed. The real problem faced by homeowners is disability. If they get sick or hurt and their paycheck stops, they may not be able to pay their largest monthly bill – their mortgage.
Encourage your clients to consider disability income (DI) insurance as protection against the mortgage problem. The stability of their paycheck is a much bigger risk than the increase of a couple basis points in their interest rates. They insure their home and their life to protect their assets and loved ones. However, their greatest asset – the ability to make a living and pay for things like their mortgage – often goes unprotected.
Protecting income through DI insurance can ease your clients concerns about getting caught in this unstable market and allow you to make a dent in today’s mortgage crisis.
