To Mortgage and To Hold: Mom Tries to Insure the Future

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Mindfulness is something I’ve been practicing these days…living in the present, soaking in all the lovely scents from my warm bath, listening to Sting in the background, etc.  But as a single mom raising her kid by herself, there’s always this gnawing apprehension about the future.  How will my daughter cope if something tragic happened to me?  Who’s going to fix her meals?  Who’s going to put a roof over her head?

With these countless worries coming to the surface, I have been toying with the idea of getting a mortgage protection insurance.  This is a type of insurance which ensures that if in case the homeowner loses his job, becomes disabled or dies, the insurer continues to pay for the mortgage.  Since I’m still paying off this condo unit my daughter and I are staying in, I will need all the help I can get, in the event that something unfortunate should happen to me.

The mortgage protection insurance cost will be determined by insurance agents depending on certain factors.  They will study the likelihood of you being unemployed.  If the job industry you’re in has a higher risk of unemployment, your mortgage protection insurance may cost a bit higher.  Recession and the cost of your mortgage payments will likewise influence how much you’ll have to shell out.

So, until my daughter meets and marries somebody from Prince William’s bloodline, I guess I’ll have to really do some serious planning about her future.

About Pepper

I am a single working mom, trying to raise my kid the best way I know how. Join me as I navigate my way through the jungle that is Single Mom-hood, armed with rose-colored glasses and strength of spirit. As pepper adds spice to food, so does my daughter add spice to my life. She makes life no less than…PEPPERRIFIC!

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  1. Mich of Mich Eats and Shops says

    Oooh I didn’t know that you can do something like that! I don’t own my own home yet but when I do, at least I now know that I have this sort of option. Thanks for the info, Pepper! :)

  2. My sister is a single mom too. Thanks for this post, I’d let her know that she can do something like this too! :)

  3. I think it would be good to go for mortgage protection insurance as it ensures continuity of support for your daughter. I guess, a certain portion of out budget should go to insuring the future.

  4. Hi Pepper I hear you…single moms carry a lot more burden than those with partners. In all honestly, mortgage protection is something I don’t think about I’d rather invest in stocks and time deposits.

  5. Planning is really important sis. Your daughter is lucky because as early as now, you’re starting to plan things for her future na. Good luck!

  6. I’ll share this post to a friend. I didn’t about this, thanks for the info. Now I have an idea in the future in case I get my own house too.

  7. Indeed, we all need a mortgage insurance to ensure that the house we are trying to build/own will eventually be ours in case something unforunate happens. Good thinking, mommy!

  8. i guess stressing over our children’s future is all part of the territory, especially for single mums who do not have anyone else to turn to. and mortgage insurance is but a part of a bigger picture.

    i am sure you can find ways on how you can secure you + your daughter’s future. claim it! :)

  9. I would highly recommend you check with your bank to make sure they offer this. Unfortunately we have been homeowners for 13 years and my husband just lost his job. Our bank does not offer anything at all to unemployed people, even though you are collecting benefits. The banks do not consider unemployment benefits as any kind of income. Oh and this entire process has been the biggest nightmare for us. It’s hard to believe after 13 years of paying on time every single month, you just get shunned away.

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