Why Medical Issues Are a Leading Cause of Foreclosure
What’s the biggest threat to keeping your home? If you’re like most homeowners, you might think job loss or bad financial decisions. But here’s a shocking truth: medical issues are one of the top reasons families lose their homes.
Imagine this—you or a loved one gets sick. Suddenly, medical bills start stacking up. You’re forced to take time off work, or worse, leave your job altogether. But the mortgage? It doesn’t stop.
According to a study by the American Journal of Public Health, 66.5% of bankruptcies are tied to medical issues and expenses. And for many, that financial strain leads straight to foreclosure.
That’s why having a mortgage protection plan isn’t just a smart choice—it’s a lifeline. It ensures your home stays yours, even when life throws the unexpected your way.
The Hidden Threat: How Illness Can Lead to Foreclosure
Most people assume, “I have health insurance—I’m covered.” Unfortunately, that’s not always true. Here’s why illness can put your home at risk:
- Medical bills stack up fast. Even with insurance, out-of-pocket expenses, copays, and deductibles add up quickly.
- Lost income. If you can’t work for months due to an illness or injury, where will your mortgage payment come from?
- Disability benefits take time. Even if you qualify, it could take months to receive benefits—meanwhile, your mortgage is still due.
- Bills don’t pause. Your mortgage, utilities, and daily living expenses won’t stop just because you’re sick.
What would you do if you couldn’t work for six months? Would your savings cover your mortgage?
Many families are forced to make impossible choices—pay for medical care or keep a roof over their heads. Mortgage protection makes sure you never have to make that decision.
How Mortgage Protection Insurance Can Be a Lifeline
Here’s how mortgage protection works to safeguard your home during tough times:
- Pays Off Your Mortgage If You Pass Away Your family won’t have to scramble to cover payments. The remaining balance of your home loan is taken care of.
- Provides Living Benefits Many policies now include critical illness, chronic illness, and disability coverage—so you can access tax-free funds if you suffer from conditions like cancer, heart attacks, or strokes.
- Gives You Financial Breathing Room Instead of stressing about your mortgage, you can focus on recovery. Because your health should be the priority—not your bills.
Real-Life Example:
Sarah, a single mom, was diagnosed with cancer. She had to step away from work, but her mortgage protection policy provided living benefits, covering her home payments while she recovered. Because of this, she didn’t have to worry about losing her home—just getting better.
What if you or your spouse were in Sarah’s shoes? Would you be able to keep your home?
Who Needs Mortgage Protection the Most?
While every homeowner can benefit from mortgage protection, some are at higher risk than others:
- Single-income families. If the primary earner gets sick, there’s no backup income.
- Self-employed individuals. No employer-sponsored benefits mean an immediate financial hit during illness.
- People with a family history of health issues. If certain conditions run in your family, the risk of needing this coverage increases.
- Homeowners without significant savings. If you don’t have 6-12 months of expenses saved, mortgage protection is a must.
Does this sound like you? If so, now is the time to protect your home.
Why Now Is the Best Time to Get Coverage
Most people think, “I’ll get insurance when I need it.” But here’s the truth:
- Rates are lower when you’re younger and healthier. Waiting only makes it more expensive.
- Health conditions can disqualify you. If you develop a serious illness, you may not qualify for coverage later.
- Every day you wait = higher risk. Wouldn’t it be better to lock in protection now rather than regret it later? The best time to get coverage is before you need it.
Don’t Wait—Protect Your Home with Gen Life Today
At Gen Life, we help homeowners like you find affordable mortgage protection plans that fit your budget and your life. Whether you want full mortgage payoff coverage or living benefits, we have custom options for your needs.
Here’s the deal: Every day you wait, the cost of coverage goes up, and your eligibility can change. Don’t wait until it’s too late.
Get a free consultation today. Protect your home, protect your future.