The magnificence of future lies in its unpredictability. But, at the same time, there is always the anxiety of insecurity. To get rid of this insecurity, we opt for various insurances. We have insurances for our life, our car, and our home. But what about our mortgages. A Mortgage Protection policy can be very crucial during financially tough times.
A Mortgage Protection policy pays the monthly dues for your mortgage at the time of financial crisis. You may not feel the need of such a policy at this time. But future is never predictable. Think of 20 years ahead of you. You may not have a job for a few months. Your business may have sort stagnancy. Here a policy can help you bridge the gap and could be a very good help. You do not need to take an extra stress of your monthly dues against your mortgage and put your complete effort on other necessary things at that time.
Which policy should you go for? It depends upon your requirement, the premium you are willing to pay and for how long you need it. Generally, people opt for a 12 month coverage, which can be renewed later. There are various kinds of covers available in the market. The cover against incapability protects you in case of accident or illness, when you cannot go for your work. There are covers against unemployment. They help you during the time when you do not have a job. Some policies cover both of the above mentioned situations. They cover – incapability as well as unemployment.
You can also opt for a Mortgage Protection policy if you are self employed and do not work under any company or organization. But here, involuntary unemployment will get a cover only when you have to stop your trade permanently.
You cannot make a claim just for a temporary slow down in your business.
It is not very difficult to choose the right kind of mortgage insurance. But you need to be sure that you have the right kind of information. It is always advisable to do a brief research before going ahead. Most of the information is available online.
Whatever business or job we are in, the importance of a Mortgage Protection policy is undeniable. Nowadays, there is nothing called lifetime employment. So it is always better to be secure from unexpected crisis.