Mortgage Protection Plans: Uninterrupted Mortgage Payments

2007-03-08 10:33:40

( Financial )



MORTGAGE INSURANCE

Life can be full of uncertainties; you might be on your way up the corporate ladder one minute, and unemployed the next. Even if we take all the preventive measures, there are unexpected events that will still take place.

Mortgage protection plans are like insurance policies that shoulders your mortgage payments if something unfortunate happens to you that renders you unable to shoulder the mortgage payments yourself.

Mortgage protection plans are some of our protective mechanisms. Mortgage protection insurance ensures that you still have the chance to buy your own home. The principle behind mortgage protection insurance is very simple: if you get sick, become injured, or become unemployed, the insurance will pay the remaining balance of your mortgage until you and your family get back on your feet and regain the capacity to pay the mortgage by yourselves.

LIMITED PROTECTION

Imagine how difficult it would be if after losing your job, you and your loved ones will have to move out of the house you have grown to love because you can no longer make your mortgage payments. You can avoid this is if you avail yourself of mortgage protection plans to cover you in case of contingencies.

Of course, mortgage protection plans have limits in terms of how mortgage payments it will shoulder. Usually, there is a stipulated period of time, but this depends on the type of policy you have. These mortgage protection plans will pay for your mortgage payments, but they also have a maximum amount limitation. If your mortgage payment exceeds their ceiling you will have to shoulder the balance yourself.

Applying for mortgage protection plans is easy. If you are gainfully employed, have no payment defaults on your existing mortgage or have no mortgage yet, and are of legal age, then you qualify for mortgage protection insurance.


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