With your mortgage, you need to make monthly mortgage payments.
But what happens to those payments if you are sick or disabled
and unable to work. Well, the payments still need to be
made. And if you are unable to pay them, the lender may
foreclose on you and take your house.
Even if your inability to work is only short term, you may fall
behind on some of your payments. This can hurt your credit
score, and perhaps make it tough to secure another mortgage.
You won't have to worry about that if you are protected with
life, disability, critical illness and job loss insurance.
With life insurance, if you die, either naturally or
accidentally, the insurance company will pay off your
outstanding mortgage. This is a great benefit to your
spouse and children who will not be left with the huge mortgage
payment burden, or the potential loss of your home.
If you are off work because of a disability, the insurance will
pay your monthly mortgage payments for up to 24 months.
If you are critically ill and survive more than 30 days past the
diagnosis date, once again, the insurance will pay off the
principal of your mortgage.
And finally, if you lose your job,
the insurer will pay the monthly mortgage payment.
There are many other benefits that mortgage protection insurance
can provide, so check with us for a full explanation.