These plans are designed to cover your mortgage premiums if you discontinue your job due to illness, accident or any other reason. These policies take care of your premiums till you become well and resume your work. You just need to pay a fixed premium every month and you can forget your worries about losing your home due to unforeseen events of life. Also, in the event of death, these policies pay an accumulated cash amount to the loved ones helping them to pay off the outstanding debt and peacefully live in their home.
While buying an insurance plan, you are supposed to check all the options available for the same. You can meet insurance representatives also, but we suggest checking insurance plans online. The reason behind this is that this way, you can check multiple insurance providers in less time and would save much on time and money. You can check the official sites of various insurance providers in your locality or the insurance portal with more than one providers. Among these two, checking on an insurance portal is more advantageous as you can get to know about insurance plans from more than one company and can compare their benefits at the same time.
The procedure to get a quote even have become easier than ever. Just by filling a request form, you can multiple top mortgage protection insurance quotes within a very short period. The insurance representatives will you reach you with the best insurance plans for you and chose a cheap mortgage insurance plan that best suits your specific requirements. In case of a dilemma, you can also talk to the insurance experts available online and can get their valuable suggestions on the same.
This the main attraction of a mortgage protection insurance. We are never sure what tomorrow has in its bucket for us and how will our life be tomorrow. An unfortunate incident with the sole-breadwinner of the family can change the fortunes of the everyone in the family. Mortgage insurance plans cover you against the unpredictable incidents of life and ensure that your home mortgage payments are made, in every possible scenario.
Another big advantage mortgage insurance brings with them. In case, the insured passes away due to the illness or an accident, this plan ensures that loved ones don’t lose the home due to lack of payments. In such cases, an accumulated cash amount is provided to the beneficiaries so that they can repay the outstanding debt and live in their home peacefully.
None of the plans comes with just positives, they have their negatives as well. Let’s have a look:
Most of the companies provide an insurance plan that has a limit on what amount would be paid to the insured in case of going off-work. This amount is pretty lesser than the normal monthly wages they receive and hence this amount may be enough just to pay their monthly premiums and not their own essential expenses.
The worst thing about this insurance is that you need to pay your premiums every month, without fail. If you miss making a premium without any prior information, the insurance provider has all the rights to disqualify your eligibility and you may not receive the mortgage life cover even after paying the mortgage for a long time.
After knowing the advantages as well as disadvantages, you too might have been in a position to decide the worth of this the offered insurance plan. Despite their negatives, mortgage insurance plan comes as a savior against the unpredictability of life and protects the insured and their loved ones from unfortunate events. One bought this insurance, you can be sure of that your loved ones will always we sage in their house whether you’re there or not.