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All About Mortgage Life And Disability Insurance

All About Mortgage Life And Disability Insurance

If something were to happen to you and you were seriously injured or killed, would your loved ones left behind be able to pay the mortgage and keep their home?  For anyone who is the main breadwinner for their family, this is a matter of serious concern.  Certainly you don’t want your family to have to leave their home in a time of crisis and go to live with relatives or have to find somewhere else to live.  This is where mortgage life and disability insurance comes in.  It is a specific type of insurance designed to help to pay your mortgage in the event of a serious incident that left you incapable of working or worse.

Mortgage life and disability insurance is really two insurance policies. The disability portion is a policy designed to pay your mortgage payments for a specified period of time following an injury that leaves you unable to work.  In most cases this will be paid over and above any disability payments made to you by your company or by another insurance company, if you are involved in an accident and are not at fault. 

The second part of mortgage life and disability insurance is the life coverage.  Like any other life insurance policy, this is designed to pay out a certain amount of money upon your death.  In a mortgage life and disablity insurance policy, this is an amount that is intended to pay off your mortgage for your loved ones.  In most ways, this is a life insurance policy like any other.  It is usually a term policy that is designed to be in force for the duration of your mortgage.  It is also designed to pay out the right amount of money to pay off your mortgage and leave the ownership of the home in the hands of those left behind. 

Mortgage life and disability insurance might be provided by your workplace, but you should verify how much coverage they provide,  In most cases it is a good idea to take out a policy on your own, as many companies offer limited benefits that are not enough to take care of all your needs or your family’s needs.  Most major insurance companies offer some form of mortgage life and disability insurance.  Contact your insurance agent and make an appointment to discuss your needs and get estimates for a policy to cover you and  your family.

While mortgage life and disability insurance is usually marketed towards people who have dependants, it is a good idea to consider it even if you are single.  For one thing, you will get better rates when you are younger and healthier, and be able to lock them in.  For another, if you are disabled you will still need to pay your mortgage somehow, whether you have children or not.  Having such a policy in place gives you extra peace of mind.  Mortgage life and disability insurance is a policy that just about anyone can benefit from having in place.

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