Understanding Mortgage Disability Insurance [mortgageloans-protection.blogspot.com]
www.mortgageprotectionplan.ca Mortgage Protection Plan is Canada's largest independent provider of mortgage life and disability protection. Our products are totally portable so you never again have to worry that if you want to switch lenders, you could lose your insurance as well. Not only do you get convenient, affordable protection, but it comes with a 60-day money-back guarantee too. Watch this short video to hear the story of a seriously-injured young man who might have lost his home if not for the disability insurance that gave him and his family immense piece of mind during his extended recovery period. Visit our website for more information www.mortgageprotectionplan.ca
mortgageloans-protection.blogspot.com Calgary Mortgage Protection Plan , life insurance, disability insurance
The increase in the group insurance benefit ratio was primarily due to higher claims severity and continued elevated claims incidence in the group long term disability insurance business, and the 125 basis point decrease in the discount rate for the ... StanCorp Financial Group, Inc. Reports Second Quarter 2012 Earnings
Mortgage disability insurance is a type of insurance that people take in case they became disables for any reason for a short period of time or permanently. We all have to face the fact that bad things might happen to us in the future and the most responsible things you can do on your part is to take this mortgage and secure your family's future. The keyword in all this is protection. By taking this mortgage you are simply trying to protect your family.
The thought of not being able to care for your kids is unbearable and no one should have to think about it not even for a second. However life happens and we can't always be prepared for anything that comes our way. Just like we pay for our health insurance every month because we want to protect ourselves in case something medical happens the same goes for this type of insurance. If you are considering getting mortgage disability insurance then the best thing you can do is to find a mortgage disability insurance representative that will help answer all your questions.
Its important that you understand every step in this process and that you fully understand what you will be covered for.
if you are truly unable to work and you have no money coming in then this insurance will guaranty that you still have a paycheck coming in the worst thing that can happen to you is if you lose your job because of a disability and in the end you will also lose your house because you are unable to make the mortgage payments. If having this mortgage makes sense for you and your family then make the necessary steps you need to get it as soon as possible. Don't put something so important on hold. Related Understanding Mortgage Disability Insurance TopicsQuestion by nanlwart: Is mortgage disability insurance a good idea? I have 90 day disability at work, but I would like to know my mortgage is covered should I become disabled. I am single and do not have family, so am less worried about life mortgage insurance than disability. But, I don't want to waste money either. Best answer for Is mortgage disability insurance a good idea?:
Answer by futureislandowner
I would get whole life insurance outside of our employers program. Many times there is disability coverage, plus there is a cash value on whole life that can be borrowed against in the future for loans to yourself, like for other real estate purchases. If you're a non-smoker with no DUI's on your record its only like $ 25 per month. Money well spent!
Answer by JoelMBA
I used to sell life and disability insurance on loans for 3 years, and while it was a great money maker, I would never get it for myself. Insurance that is sold to you by a mortgage lender is going to be very over priced and it should be last resort. The fact that you are single and no family makes it even easier to decline that option. I would say that if you are going to be disabled for longer than 90 days, that disability may as well be permanent and you would probably know so within 30 days of being disabled, at which point you should know if good 'ol Uncle Sam will be helping you out, if not, sell the home or get a roommate. My best advice to you is to consult with a good independent insurance agent about a disability plan and maybe even some life insurance.
Answer by bostonianinmo
Well, look at it this way. I've been a homeowner for over 28 years now and have never had mortgage disability insurance. It was a crummy deal when it was offered. And I've never needed it. Most folks can say the same thing. Here's a tip: Find out how much they charge for it. Put that much aside every month in a separate savings account until you have 3 months worth of mortgage payments in that account. You are now covered until your work disability kicks in, and never need to add anything to the account again! In my case, it took me only 18 months to set that much aside. Don't waste your money on whole life, it's the worst possible way to buy insurance and a lousy investment vehicle! As you don't have a family, you really don't need it as you already have said.
Answer by insuranceguytx
Your total financial life is very complicated. Disability is but one part. Life insurance is another part and CAN in certain circumstance be worthwhile for single people to purchase. Accumulating enough savings is another part. If knowing that you have a good chance of achieving your goals no matter what happens in your life is important to you, then having a plan for a possible disability situation is necessary. Social Security's disability kicks in after 18 months of disability and your can't work in any capacity during that 18 months. Your best be is to go talk to one or more licensed financial professionals including insurance agents. Talk to as many as you need to until you find one with whom you are comfortable.
Answer by mbrcatz17
If you are thinking about disability coverage, you should probably see if you can purchase long term disability coverage through your employer. Mortgage disability only covers the mortgage payment, and if you become disabled, you'll ALSO need to pay property taxes, utilities, and you might want to eat once in a while, so rather than limiting the payout to mortgage only, you should look for a full long term disability policy. Also, keep in mind that for long term disabilities, Social Security may kick in, but you might need to fight for a few years to get them to consider you disabled.
Answer by frankdeniro
Disability insurance is necessary
