Financial advisers and insurance agents rarely address their clients’ mortgage payments, interest rates or their insurance premium to protect the bread winners in case of disability or death. People are looking for assistance in analyzing their overall indebtedness. In fact, consumers are seeking advice on debt issues more than they are seeking guidance on their assets under management.
In general terms there are four categories of mortgagees: DINKS (dual income no kids), DIRKS (dual income raising kids), SINKS (single income no kids) or SIRKS (single income raising kids). Mortgages are predicated on the income of one or two spouses. Cultural change has occurred in America, and women are now fully integrated into the workplace. So, mortgages are predicted on two incomes. Protecting the lifestyle of the family at large requires scenarios to cover one or two deaths.
Shopping for the best deal generally means defaulting to your local bank who carries your mortgage or “stalking” online virtual banks in hope of a better deal. Financial professionals are slowly coming into the mortgage protection market as part of their overall services to consumers. Some have become trained to qualify as a mortgage protection specialist.
Online information and direct mail have proven that consumers respond to this area more than any other money matter. Reducing their mortgage payment and/or securing mortgage protection is a significant item in the minds of mortgagees. It’s important to keep the domestic budget efficient and your mortgage is a good place to start.
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