Mortgage Protection

Mortgage Protection Insurance Coverage

Many homeowners today face tremendous pressures and challenges. This is especially true if you lose the income you depend on to make your mortgage payments.

How do you prevent a loan default, foreclosure judgment and eviction notice if you can’t find a job fast enough during these difficult times? The unemployment checks you’ll receive from state are calculated to feed and clothe you. They’re not enough to cover most mortgage payments, and they were never designed to provide mortgage payment protection.

Yes, you can dip into your savings, as many Americans have done. But for most Americans today, their savings will only help them cover their mortgage loan payments for a few months.

This is why homeowners with large mortgage payments need mortgage loan payment protection. Life is full of risks and uncertainties. Mortgage protection insurance protects your family’s financial needs in times of crisis like accident, injury or illnesses. Some policies can also provide benefits if you lose your job because of a lay-off or company shutdown.

Is cheap mortgage protection insurance coverage available? Yes, it is. Of course, the amount you pay in premiums will affect the amount of benefits you’ll receive when the time comes. An experienced insurance broker can help you find the best program for you, by comparing the plans and rates of many of the leading insurance companies now in the market.

For many homeowners, the best place to start is with short-term disability insurance policies, similar to what you’ll find with AFLAC or critical illness insurance. Disability insurance is a policy that pays you when you suffer a covered injury or disability. Critical illness however pays more than disability, such as 10-$250,000 one lump sum if you have a covered critical illness like cancer heart attack or stroke etc., this may even pay off your mortgage. Yes, you can use the payments for your medical expenses. But disability insurance should be a supplement to your health insurance—so you don’t have to use your disability checks for hospital, physician, physical therapy and prescription drugs.

Instead, you can use your short-term disability payments to cover your living expenses, including your mortgage loan payments.

Mortgage payment protection insurance can provide much-needed financial stability. But there are limitations, and you can expect questions and restrictions based on redundancy, sick pay, self-employment status, amount of savings, coverage issues and payment problems.

Redundancy could occur in time of unemployment. If you receive a large severance payment from your company, you may not need a hefty insurance payment… or at least not right away. Also keep in mind that an insurance payout may affect the right to claim benefits from other policies.

Life insurance can be a complicated and stressful decision. The good news is that you’re not alone. At Critical Illness Policies, we can help you explore your best options and tailor a plan to meet your needs. Call us now at 1-561-210-5822 and speak to our experienced and helpful agents to get the answers you deserve.