Tips for Making Mortgage Payments after Being Laid Off

Paying off a mortgage while not working in Edmonton Alberta

Job stability and certainty are the privilege of very few individuals in today’s turbulent and constantly-evolving job market. Counting on your paycheck is a reality for most individuals, but becomes particularly important when you have a family to support and mortgage to pay. Whether you feel anxious about your current role or have recently purchased a mortgage, considering what you would do in a ‘worst case scenario’ is a wise, although frightening, necessity. Look forward and consider the following alternatives to protect your investments and to ensure your mortgage gets paid, no matter what happens in the future.

Making Mortgage Payments: From Protection Insurance to Simple Tips

Your home is more than a place to hang your hat. It is a safe haven for your loved ones and belongings, a huge financial investment and an extension of your family’s memories and love. Don’t jeopardize your home by skipping mortgage payments, even if you unexpectedly become unemployed.

Here are some ways to ensure you never miss a payment, no matter what challenges you face:

  • Update Your Resume Today – Regularly refreshing, editing and updating your resume will allow you to send it out quickly when it is needed. Paying your mortgage now is the first priority, but paying it in the future should always be on your mind. Find your next job faster by being prepared for the worst. Keeping an up-to-date, brief, and relevant document that outlines your skills and experience will help you get back to work without delay.
  • Include Accident Coverage – Ensure that your policy includes disability coverage. This will allow your mortgage payments to be made following an accidental injury that leaves you disabled or unable to perform your job. This type of coverage is especially important for those who rely on physical labour for their earnings, so confirm with your insurance provider when they drafts the terms and conditions of your policy.
  • Prioritize Expenses – It can be tough to deal with the full impact that an unexpected layoff can have on your lifestyle, family and budget. Focus on your mortgage and meeting the necessary expenses while doing away with unnecessary costs. Most people find that cable packages, daily visits to the barista and eating out at restaurants can be cut until they are employed again. Don’t forget to add your insurance premiums to your list of necessities, as risks are never eliminated. Health, home, and auto insurance should all remain priorities. Talk to your insurance broker at HDF Insurance to inquire about policy updates, payments and savings that can alleviate some of your financial stress.

HDF Insurance can provide you with confidence through our mortgage insurance policies. We have a range of coverage plans to ensure every clients’ unique circumstances can be taken into account.

Gain Peace of Mind with Mortgage Protection Insurance

Don’t gamble with your home and your family’s future. Protect your mortgage with mortgage protection insurance.

Contact our dedicated and knowledgeable staff for insurance coverage for all the important investments in your life. We offer a range of insurance policies at a variety of price points and coverage types, including home insurance, mortgage insurance, business and auto insurance. Protect your investments, safeguard your future, and rest assured that your family will be taken care of should the unexpected come to pass. Our insurance brokers can provide customized insurance solutions for all of your concerns.

Contact our team of Edmonton insurance brokers to discuss adding job loss and accident insurance to your new or existing coverage. Give us a call at 1-800-567-2048 or get a free quote online.