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

Image courtesy of Renjith Krishnan /

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.