When you buy a home, chances are you're not thinking about who's going to make the payments should you face unexpected tragedy. But it's an important consideration-especially where two incomes are involved.

Mortgage life insurance

Mortgage insurance helps your family retain its home if you (or your co-borrower) die before the mortgage is paid off. It pays the outstanding balance of an insured mortgage up to $500,000. The beneficiary is your mortgage at Envision Credit Union and the maximum coverage is 35 years. It is always recommended that you discuss your insurance needs with an Envision mortgage specialist to ensure that you are adequately covered through every stage in your life.

With your mortgage insured, any other life insurance money can go toward funeral expenses and meeting your family's ongoing needs.

• Premiums are based on your age and the amount of your mortgage when you apply for coverage
• Available for purchase between the ages of 16 and 64 (with coverage ending at age 80)
• Short health questionnaire is required
  

Disability coverage

A disability rider can be added to your mortgage life insurance. It ensures that your mortgage payment in the event you are ill, or injured, or unable to perform your usual job.

• Available for purchase between the ages of 18 and 64. Joint coverage is available at no cost (benefits reduced by 50%).
• Benefits start after you have been off work for 60 days and continue up to 24 months for each period of continuous disability.
• Since benefits are paid directly to your mortgage at Envision Credit Union, there are no tax implications.

Loss of employment

A loss of employment rider can also be added to your mortgage life insurance. It ensures that your mortgage payments will be made should you become involuntarily unemployed. It covers your mortgage payments from $200 to $2500 per month.

• Available for purchase between the ages of 18 and 64. Joint coverage is available for no cost (benefits reduced by 50%).
• Benefits are paid after you've been off work for 60 days and continue for up to 9 months for each claim.
• Since benefits are paid directly to your mortgage at Envision Credit Union, there are no tax implications.

Critical illness

A critical illness rider can also be added to your mortgage life insurance. If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full. With your largest monthly expense removed from your family budget, you can use your savings to focus on getting better!

• Coverage amounts must equal life coverage and must be between $25,000 and $500,000.
• Available for purchase between the ages of 18 and 55. (Coverage ends at age 70.) Joint coverage is available at reduced costs.
• Brief health questionnaire is required

For more information, contact an Envision insurance representative.

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