What is Mortgage Payment Insurance and How Does it Work

A mortgage is a loan that you take from a lender keeping an asset of yours as a loan guarantee in the lender's hand. You are then required to make monthly payments back to the lender, along with interest till you pay back the full loan amount and get your asset back. But the future is never certain. You can never be sure whether you would be in a condition to pay back your mortgage loan or not. A mortgage loan commitment is usually for the time period of many years and the circumstances can change at any point of time.

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A mortgage payment insurance policy is a very important insurance that ensures your mortgage payments will be made on time, when you are unable to do so due to an illness or an accident, leading to your unemployment. This insurance includes both life insurance plan and critical illness insurance plan. The main feature of this insurance is that it covers your financial needs during your time of need and ensures your family doesn't have to face monetary problems during your absence from work.

Features:Pays off your mortgage in case of death (Life Insurance Benefit) Disability Critical Illness Portable You can name your own beneficiaries It has been seen through research that most people who take mortgage loans usually experience some periods of sickness or inability to work as a result of some accident, during their tenure of loan repayment. Though there is no time period determining as to how long it happens, even a short absence can lead to a delay in repayment of your loan premium.

But, if you have mortgage payment insurance, you can be sure that, no matter what the circumstances of your physical health, your mortgage monthly repayment will be made on time. And along with your mortgage loan, your life insurance and your home insurance premiums will also be paid on time.

When you take up a mortgage loan, the lenders themselves might tell you to take up the mortgage payment insurance. This insurance might be provided by the lender himself, but before you do so, ensure you get all the details regarding the insurance such as the rate of interest and everything. You can also get the information about other mortgage payment insurances online to make your comparisons with. The insurance provided by a lender might not cover other expenses such as the cost of content and home insurance, life insurance as well as the cost of any other investment plan.

A mortgage payment insurance policy can also be called as sickness and accident insurance against unemployment. There might be other names that are given to this insurance but they all basically have the same effect. Make sure that you do not automatically opt for the insurance that has the least premium amount. Before you choose one, ensure that your particular situation is covered by the insurance.

Most mortgage payment insurance require the policyholder to be absent from his or her work for a minimum period of 60 days, after which only, the insurance coverage will start paying. So make sure you have all the required information before you decide on the right insurance suitable for you.

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