Bullet Proofing Your Mortgage
Day # 2: 
            

unemployment:

Of all the benefits provided by a comprehensive Mortgage Protection Plan none causes more confusion with consumers than that of the Unemployment Benefits available.

Let's start by stating that no company that is insuring people's mortgages will send you cash to spend if you lose your job.  The simple reason is because people less honest than yourself could cause their own unemployment and collect a cash benefit.

To find out if Unemployment Benefits are available in your state ask one of our Mortgage Protection Specialists by using our free service.

Get a Quote Now!>>    

Legality: In most states it is actually illegal for Mortgage Insurance Companies to provide a unemployment benefits of any kind because the different State Governments don't want anything that could incentivise people into staying off work - thereby contributing to an already overloaded system of state funded unemployment insurance.

However, in some states it is legal for Mortgage Insurance Companies to provide non-cash benefits to policy holders.  Generally these "unemployment benefits" come in the form of a waiver of premium.  Which would mean that if you were out of work for an extended period the company would either waive the premiums all together or allow you to pay the missed premium later.  Normally these premiums are tacked on at the end of the term of your policy.

Actually a waiver of premium can be a great benefit for both parties.  The insurance company doesn't loose a customer simply because they must cut all non essential benefits from their budgets to make it thru a difficult financial crunch.  And you as the policy holder don't loose your insurability.

Unfortunately, many people have found that when they tried to reinstate their mortgage insurance after being forced to drop their coverage that changed medical circumstances made them no longer  insurable.

This is why we recommend to our visitors that if you are wanting to insure that your family will at the very least always have a roof over their head that you put an affordable Mortgage Protection Plan into place. 

You can start this process by getting a free quote from a live Mortgage Protection Specialist by using our system.

 Get a Quote Now!>>