My salesperson informed me one day that our client for a house and lot in Camella Naga died while still paying the property under bank financing. The bereaved family was clearly facing foreclosure problem for the burden of continuing the payment of the property was transferred to them - the spouse is a plain housewife with no other source of income and worse, the children are still minors attending elementary schools.
We contacted the concerned bank to inform them of the situation and to ask for some necessary steps in helping the grieving family.
We found out that the loan was secured by a Mortgage Redemption Insurance (MRI). It is a non-life insurance required by a bank to repay the balance on a mortgage loan in case the mortgagor dies before payoff.In other words, the property is already paid because of the MRI.
We immediately informed the surviving spouse of the good news that their property is already paid. Jumping almost endlessly, the wife could not contain her happiness that she already forgot my request for a glass of cold water.
It really pays to insure not just our life from accident or natural death, but also our property especially if it is still under installment scheme for we never know our financial condition in the future.
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