Mortgage life and disability insurance is a kind of insurance product that aims at paying one’s mortgage payments during some specifically mentioned critical conditions of one’s life. Mortgage life and disability insurance unburdens all the mental trauma and so called tensions of paying any mortgage payments in the events of loss of job, during any types of disability or for that matter death of the insured individuals. Mortgage life and disability insurance kind of financial security or cover is very protective for the family in which insurance company will pay for the beneficiaries and the family of such insured individuals can live their life peacefully.
Pros of Mortgage life and disability insurance:
* Disability insurance are said to cover the uncertainties of life if any because such are unforeseen circumstances and at times it get critical.
* Mortgage life insurance policy works like when something unfortunate or untoward incidents or accidents happen. The Mortgage life and disability insurance company policy will pay the insured individual a monthly repayments and other home insurance cost of mortgage.
* The claim is reimbursed after a waiting period of the specific mortgage insurance policy. The benefits will continue till the insured individual rejoins the job, depending on the policy term and conditions or around 1-2 years periods whichever is earlier will be applicable.
* The insurance benefit covers the monthly mortgage repayments and the insurance premium of things like home loan, critical illness, severe accidents and life insurance.
Cons of Mortgage life and disability insurance:
* Nothing is paid earlier than the time period mentioned in the policy documents. If something untoward happens before the stipulated time, the insurer has to manage such difficult period on your own risk and no financial assistance will be provided from the life insurance company whatsoever.
* One has to pay more to the less coverage for the years and you will not get the benefits at the end of the policy plan even if you live longer life.
* One can get the lower rate mortgage life insurance plan if the company finds Blood Pressure diseases i.e. high or low whichever it is, cholesterol or any another health problems then the premium turns high which becomes difficult to pay and if you chooses some other insurance company, you will not get the policy because mostly the insurance companies share this information using MIB (Medical Information Bureau codes.
* The monthly premium remains fixed throughout the policy period even the insurance covers reduced with time.
If someone is planning to go for any Mortgage life and disability insurance then must do some homework for sure. Do not get carried away and clear out your doubts with the insurance agents. You should not shop for policy plan which is not so transparent financial product.
The Mortgage life and disability insurance coverage should be according to your needs and requirement of the individuals and not buying just for the sake of buying. Keep your agenda for insurance very clear and act accordingly. The underlining statement is be smart & act smart or else insurance agents will take you for a ride for sure.