Cheap Mortgage Payment Protection Options
Homeowners insurance and private mortgage insurance (PMI) provide necessary coverage, but they don’t help with the mortgage payments. And in the case of PMI, the benefits primarily go to the lender, who is reimbursed for losses if they decide to foreclose and auction your home.
If you experience a catastrophic illness, cancer diagnosis or a disability that prevents you from earning the income you need to make your mortgage payments, those basic insurance programs won’t help you prevent foreclosure and eviction.
Mortgage payment protection insurance is a kind of payment protection policy that safeguards an individual and his or her property. Depending on the coverage and plan needed, an experienced broker can help homeowners find affordable and cheap mortgage payment protection options.
Mortgage payment protection insurance can provide a lump sum payment or a monthly income that the policy holder can use to cover their household needs, including taxes, utilities and mortgage loan payments.
Depending on the plan, the insurance policy would start providing a set payout after the insured person has been out of work for a pre-defined period, usually 30 days or more. These payments would then continue for up to a year or two, again depending on the policy.
Although the mortgage payment protection insurance may give potential benefits, it does not apply at all times. Homeowners need to fully understand the terms and conditions of their mortgage payment insurance policy before signing.
A mortgage payment protection plan serves as the security blanket in cases of accident, sickness or certain unemployment. A critical illness or cancer insurance policy, for example, can provide immediate payments that policyholders can use to cover expenses not covered by their basic health insurance program—as well as their mortgage loan payments. However such programs only pay out when the policyholder is diagnosed for a covered illness or suffers an accident covered by the policy.
Such programs often do not provide assistance if the policyholder is simply laid off.
Consumers should not readily accept the first mortgage payment protection coverage offered to them. It is easiest to get cheap mortgage protection insurance by consulting an experience broker who specializes in mortgage payment protection insurance products.
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.