Rabu, 13 Juni 2012

Are You Protected If Injured


If you were injured or became seriously ill, and were no longer able to work, how would you pay your bills? Paying your monthly mortgage payments could be almost impossible. Buying a mortgage disability insurance policy now could compensate for your loss of income by paying some or all of your monthly bills if you become disabled!

If a serious illness or accident prevent you from working, having a mortgage disability insurance policy in place could save your home from foreclosure. To mortgage disability insurance is available for full time employees who have been working for the same business for at least six months. When you have mortgage disability protection, you will be able to put your mind at ease knowing that your mortgage payments are taken care of. If you ever become disabled and are no longer able to work, you won't have to worry about the possibility of losing your home to foreclosure.

Something that may surprise you: approximately one half of all mortgage foreclosures are directly or indirectly caused by some type of disability or handicap. Social security may be an option for you, but you should be aware that social security coverage is very limited and to receive benefits from that program you must be fully disabled. Purchasing mortgage disability insurance will provide more benefits and better coverage and is easier to qualify for.

Employers often times offer disability insurance in their benefits packages. It is important to look closely into that policy and understand the terms and conditions. Be sure that the benefits offered in that policy would be sufficient for you and your family if you became disabled. It may be a better option to get a customized mortgage disability insurance policy from a licensed insurance agent.

Before you decide which policy to purchase, you should talk to a local licensed agent and research what policies you qualify for. Be sure to discuss your cost of living with your agent and remember to include all of your loan payments as well as other expenses to find what percentage of your income would need to be replaced if you ever became unable to work. You should also find out how long the policy will pay out generally this is between six months and one year. No matter the extent of injury or disability; your mortgage disability insurance policy will ensure that you don't lose your home.

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