Are you aware of why mortgage protection is important and what it can do for you? You may not think that this is a type of coverage that would be useful, but the fact of the matter is that most people need it. But before you buy mortgage protection, you need to know what the best programs out there are and why mortgage protection may work to your advantage. Of course we all know that the foreclosure rate is at an all time high and yes, some of it is because of bad loans, but what they don't tell you is that a lot of the foreclosures happen because someone has either died or become disabled. Generally speaking, a good mortgage protection plan would provide money to help pay off your mortgage if you die or become disabled. It will provide protection for your family if you need it and all your money back if you don't. Here are some tips as to why mortgage protection is so important.
- If you become disabled, mortgage protection will make payments for you. Many people find themselves, young and old, becoming disabled. Anyone can become disabled. You can be in a car accident and become disabled. You can fall down the steps and become disabled. Depending on what you do for a living, you may not be able to work for months thus meaning no income is coming in. So think about it, you are stuck with a mortgage and no means of paying it. A good mortgage protection program will make your payments for a certain time period until you are able to return back to work.
-A good mortgage protection program will also provide you with some cash if you become sick. Strokes, heart attacks, cancer, etc strike all the time and do not discriminate based on age. If you don't have a mortgage protection plan with living benefits whereas it will provide you with some cash if any of these illnesses happen to you, you are simply paying too much for too little.
- Lastly a good mortgage protection program will refund all of your money back if you don't use the program. This may sound too good to be true but there are programs out there like that. Try to stay away from programs that do not offer you your money back. You may pay a couple dollars more for it, but it will be well worth it in the end to not have lost any money with the program.
Whether purchasing a new home, refinancing your mortgage or having an existing home for years, it's a good idea to protect your mortgage in case the inevitable happens. If you're not sure about getting mortgage protection, ask yourself these questions: Can your family make their mortgage payments without you? If you cannot work, will the mortgage be in jeopardy of foreclosure? If you need more guidance, feel free to contact me to discuss why mortgage protection is beneficial to you.
