Mortgage loan and responsibility

Maybe you do not have a positive attitude towards insurance just like me. But after I started my family and bought a flat on a mortgage loan, my attitude towards insurance changed.

I am aware of the fact that the mortgage is not an amount that I would be able to pay out of my monthly income I also realized that in case of long-term incapacity to work, permanent disability..., the monthly mortgage payments would have been an excessive financial burden. Not to mention death! What then? The only source of income for our household is me now! My wife is on maternity leave, she receives a ridiculous sum of money from the state, for which she would not be able to support our child, let alone herself, plus there is the mortgage, rent, electricity and telephone bills, and so on. So I decided to take out insurance to cover the mentioned risks. I know that no amount of money can replace a father and husband, but at least it will help my wife not to have any financial problems.

With regard to insurance, a lot of questions came up in my mind. How much should I pay for the insurance? Which insurance should I choose? Death insurance? Permanent consequences and disability insurance? Loss of employment insurance? Insurance in the case of long-term incapacity to work? Which insurance company? How much will it cost? There were a lot of questions.

As I do not know much about insurance, I needed someone with expertise to help me. So I called my classmate from secondary school, whom I know very well. She has worked in the insurance business for more than 10 years, she knows a number of products on the market well and, most importantly, I trust her. I explained to her what I want and what I expect from my insurance. It was a long conversation that resulted in insurance that matched my requirements.

So, now I have insurance that, in case of my death (any), covers my mortgage loan in full, so my wife would have money for the funeral and it would also cover the living expenses for at least two years. I also have insurance for permanent consequences, since I find this very important as well. For example, if I was wheelchair-bound or lost my sight, it would be even worse than death. I would not be able to work, and family expenses would increase.

There are other types of insurance - insurance in the case of long-term incapacity to work, loss of employment insurance and other insurance of risks that you may want to cover. However, you will need an expert on insurance to help you.

I hope I shed at least a little bit of light on these insurance issues.

Finally, my recommendations:
- discuss the insurance with a person you trust
- ask a lot of questions
- do not make any quick decisions and strongly consider if the insurance is exactly what you want and need
- and most importantly, before signing, read the conditions of the contract or general business conditions, to prevent the following from happening: you will make regular payments, but should a claim arise, you do not get paid because you have not complied with the conditions of the contract and the like.