Death and illness are the normal courses of life. Every person experiences each at some point and for some, it could be an era of financial hardships while for others who were prepared, the time will be free of financial stress. The homeowners who have mortgage payment insurance are in the latter group. There are three primary types of mortgage payment protection insurance: insurance in the event of a disability, or for the case of death, and protection in the case of unemployment.
Mortgage Life Insurance Protection – What Is It?
Payment protection for mortgage life insurance policy helps to pay off the mortgage of a house when the owner dies. Contrary to PMI insurance that is mandatory for all homeowners with mortgages and mortgage payment protection, mortgage payment protection is an option. You can click – http://www.foxgroveassociates.co.uk/individual-clients/mortgages/mortgage-protection/ to avail mortgage payment protection insurance at a reasonable price.
Furthermore, if a homeowner becomes sick or disabled, or is fired, the mortgage payment insurance will continue to pay to the lender until they get recovered. (This is only valid for the time specified in the policy, and may vary depending on the policy purchased and not available by all insurance companies).
What should be covered?
Anyone who has his or their own house and has a mortgage is eligible. However, it’s not for everyone, and, cannot be bought by all. The type of insurance you choose to purchase must be purchased before the time the home is released from the escrow. This protects the insurance company against the fraudulent claim. Furthermore, mortgage insurance isn’t required for people with no family members, or for those who are financially able to make the mortgage repayment if the mortgage owner should fall unwell or die.