Disability Mortgage Insurance for Homeowners
What’s your biggest monthly payment obligation? If you’re like most homeowners, your mortgage note is the single largest monthly expense you have. Have you considered what would happen to your ability to make your mortgage payments if you became disabled due to a sickness or injury? If a significant portion of your monthly income is needed to cover your home loan payment each month, it’s a good idea for you to consider taking out a disability mortgage insurance policy.
The last thing you want to face following a disability is the threat of foreclosure. For far too many people, dealing with such a situation becomes a reality. It’s a fact that nearly half of all home loan foreclosures result from a disability. The good news is that you can keep yourself from dealing with this terrible situation by protecting yourself and your family with disability mortgage insurance coverage.
When choosing private disability insurance coverage, it’s important to make sure that you are getting sufficient protection to take care of all of your living expenses – including making mortgage payments. Many individual long term disability insurance policies provide income replacement of up to sixty percent of your pre-disability income. If the amount you’d receive in the event of a disability isn’t sufficient to cover all your expenses – including your mortgage payment – it’s a good idea to consider additional coverage.