You are about to buy your first life insurance policy and this is the first raid into the world of life insurance policies, the word Mortgage protection insurance can leave you a little disconcerted. What is the difference between Mortgage protection insurance and the life insurance? What would best suit your needs and requirements? Are there any extra benefits of choosing Mortgage protection insurance over regular term or whole life insurance? These are a few questions that people who are new to insurance policies seem to have. Firstly, Mortgage protection insurance is simply nothing more than life insurance, just packaged fancily.
Mortgage Protection Policy Offers:-
If you are choosing the mortgage protection insurance policy, you need to know and understand your facts regarding what the policy offers. Look through the fine print of the policy in detail.
Coverage: Mortgage protection insurance provides coverage in the event of death and also of disability. To find out just how much more expensive this is over term life insurance, go online and do a comparative study to take an informed determination.
Home Protection: The basic reason why most people choose for Mortgage protection insurance is that more often than not the mortgage you have in your house is the biggest outstanding debt one could be left over with.
Payment of Bills: Mortgage protection insurance policy helps you in paying the bills in the case of job loss. It helps your family retain the home in case of your untimely death.
Condition Of Good Health: You and another person whose health is not in as good shape as yours would probably pay the same amounts which is a case where you lose out as good health makes for lower premiums in case of regular term life insurance. The only classification, there that exists is one of smokers and non-smokers.
Payment Surety: Having Mortgage protection insurance will ensure that all your outstanding mortgage payments will be paid in the event of untimely death.
In Case of Jobless: Mortgage protection insurance policy can protect you if you lose your job.
Illness or Accident: It also protects you if you become ill or have an accident that keeps you away from working for a period.
Non-Medical Policy: Some other piece of information about this particular insurance policy is that it is a non-medical one. The amounts on your policy or the premiums you require to pay are not dependent on your health status.
Disability Mortgage Insurance: If you become disabled an insurance policy designed to replace your income would be quite helpful. You can buy your disability mortgage protection insurance policy with an elimination period of 1 month, 3 months, 6 months, 1 or 2 years.
It may seem mind numbing to hear about all of the types of insurance out there for you to purchase, but you don’t have to purchase them all. Mortgage protection insurance is the best option that gives you the protection you need without breaking your funds.