Judging Mortgage Disability Insurance - hypoteque

The purpose of mortgage disability insurance is to assure that you and your family will remain in your home even if you are disabled and can no longer pay the mortgage. There are some caveats to be aware of when you apply for mortgage disability insurance, however.

One of the first things you have to be careful about is if you do qualify, so you should look for an insurer that does not require a physical.

The next feature to be wary about is how quickly you can get your benefits. When you have to wait a long time to receive the benefits, it may not be that much of a benefit. If you choose a policy with a long elimination period, be sure you have enough cash savings to pay your home loan in the interim. You also have to allow for the processing time of the disability claim, since proving the claim is an important piece of the process. Understanding the policy completely will eliminate these kinds of problems. The more you pay for the policy, the more likely you will have the best coverage. But you may find it more beneficial in the long run to put aside funds to cover you over the short run.

Another consideration is whether you have to insure only yourself or yourself and your spouse to make sure the mortgage continues. If this is the case, both parties should have disability insurance. It would certainly be a tradegy if both of you fell ill at the same time, but it certainly is possible for a couple to be disabled in the same accident.

The definition of what is a disability is also an important component of the policy-make sure yours is a wide definition. There are very wide definitions as well as narrow ones, so make sure you are comfortable with the definition.

The last thing to be concerned about is that mortgage disability insurance is not compulsory. Mortgage disability insurance is a voluntary protection a homeowner decides upon for his own purposes – courtier hypothecaire. Any lender that puts such a clause in your lending agreement is not acting ethicallyhonestly. You have the right to look around for the best mortgage insurance policy on your own, and not be obligated to take it from your bank.

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