Cheap Mortgage Loan Payment Protection
Life is full of uncertainties, which is why we have insurance. The right insurance policy gives us peace of mind and security that we’ll be better able to survive accidents and liabilities.
Today’s economic climate, especially in the real estate market, has exposed one glaring area where many Americans don’t have enough coverage: their mortgage payment.
Homeowners insurance is required for all homeowners with a mortgage. It protects your home from damage. But what sort of protection do you have when you lose the income you depend on to make your mortgage payments?
Your savings may help you survive a few weeks or months, but what then?
This is why many Americans are turning to mortgage payment protection insurance. There are many different types of programs available, some offering affordable and cheap payment options for mortgage loan payment protection. An experienced broker can help you identify the top players and best plans now available.
The simplest type of mortgage payment protection is a disability insurance program, which will pay you if you suffer a covered disability. There are also life insurance options that will help your family with mortgage payments and other expenses.
But there are also mortgage payment protection programs that can help you with your housing payments if you are laid off from your full-time employment. Most policies will kick in after one or two months after your last paycheck. Depending on your plan, you can receive payment assistance for up to a year or two.
If this looks a lot like unemployment insurance to you, that’s because it is. However, it is a private supplement to the small amounts offered by your state and federal government. State-provided unemployment insurance is usually only enough to cover your very basic living expenses—not your mortgage.
But don’t confuse this with private mortgage insurance (PMI). PMI insures your mortgage for the benefit of your lender and only kicks in after you have lost your home to foreclosure. PMI covers any losses your lender may incur if they foreclose on you and auction your home at a loss.
Mortgage payment protection helps you keep your home by paying your mortgage so you don’t go into loan default and face foreclosure.
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.