Judging Mortgage Disability Insurance - hypoteque
If you are concerned about whether your family will be able to afford the home they live in if you are disabled and can no longer make the mortgage payments, you have to consider mortgage insurance. There are some caveats to be aware of when applying for mortgage disability insurance, however.
There is the first most important concept of whether or not you qualify, but some insurers do offer policies without a physical.
When you can get your benefits is another very important clause in a mortgage disability policy. Most policies have an elimination stage, which means that you will not get the benefit during this time. It is important in this case to have enough money to cover your home loan payments for the period of this delay - courtier hypothecaire. There is also the issue of the time it takes to process your claim, which means that much longer that your payment is not paid. Be sure you read the small print and understand when you will be covered. Obviously, if you have a more expensive policy, your coverage will be better. Do the math; it may be cheaper to put aside funds each month to insure yourself against the shortfall period - hypoteque.
Also consider the fact that both your and your spouse's income is necessary in order to make the mortgage payment each month. If this is your case, both parties should have disability insurance. It may seem far fetched that both parties lose their salaries, but an accident that they are both involved in would do this.
The next component of your policy is to be sure of what is considered a disability by your insurance company. If this is not the case, you may not be insured by your policy, even though you cannot work.
Another caveat is that no mortgage bank should force you to take out mortgage disability insurance. Mortgage disability insurance is a voluntary protection a homeowner decides upon for his own peace of mind - courtier hypothecaire. Any lender that puts such a requirement in your lending agreement is not acting ethicallyhonestly. You have the right to shop around for mortgage disability insurance and find the best program for yourself.
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