New answer 11/07/08 - if you are talking about private mortgage insurance, yes there are companies that offer PMI that have an option for disability and unemployment coverage.
Add on answer 02/18/2011- You can purchase additional riders for the Mortgage Protection Insurance which is a form of Life Insurance with the premiums to be paid by the company if the owner is disabled or unemployed. Check with your agent first before jumping into any product and ask around.
Yes, you can add unemplyment mortgage protection, as well as disability income benefits to your mortgage insurance policy. A good agent can compare different rates from multiple companies and help you through the process.
Getting a mortgage if you are unemployed is pretty much impossible. Fortunately, there are some mortgage companies that offer unemployment insurance protection. However, you need to be employed first. If you attempt to get a loan without a job, it is pretty much impossible. If you were to get a mortgage, you would have to make a lot on unemployment insurance.
Disability Insurance pays when you get injured working. It's used to pay bills like the electric, and the mortgage.
Mortgage life insurance is a specialized insurance policy that is designed to pay off a mortgage loan should the borrower die before it is paid in full. Typically mortgage insurance and other types of credit insurance such as unemployment or disability insurance do not require the same level of physical examinations or other application measures that a private life insurance policy would need. However, they have no cash value and only insure the balance on the loan.
If you have mortgage insurance that covers the reason of your income loss (disability, involuntary unemployment) then the insurance company will pay the premiums according to your policy's benefits schedule. If you don't have mortgage insurance, you can use savings, retirement funds, borrow money, or you can try to negociate your mortgage terms with your lender. Unfortunately, many mortgage clients believe they don't need mortgage insurance and they find themselves forced to file for bankruptcy and lose their home if something happens. The PMI (private mortgage insurance) will protect your mortgage payments and help you keep your home!
Mortgage insurance protects a homeowner in one of two ways depending upon what type of insurance it is. Mortgage insurance is one of two types. Mortgage life insurance pays off the mortgage in the event of death. Payment protection covers job loss or disability of homeowner.
There are a number of places one can find more information on disability mortgage insurance. Some companies include State Farm, Scotiabank and Sun Life Financial.
This type of coverage can be had in either the form of life insurance or disability insurance. A life insurance policy can be of a type that has progressively lower indemnity benefits that roughly correlate with the balance owing on the mortgage. A disability policy compensates for lost income due to a covered disability--an inability to work. Those benefits may ve used to make mortgage payments, or for any other purpose.
They are not the same. Homeowner's insurance insures the property: dwelling, personal property, other structures on the property, etc. Private mortgage insurance pays the mortgage in case of the death or disability of the mortgagor.
Mortgage life and disability insurance is offered by such companies as State Farm, Total Mortgage Protection, and Family Insurance. Of these, State Farm is probably the best, receiving an average score of 80 out of 100 on the website Viewpoints, based on 775 reviews. It is the second-best-rated insurance company on the website, behind USAA.
If you still owe on your mortgage, then you will need protection against inability to pay due to death or illness. That way your family will not need to sell or foreclose the home if the worse was to happen. Mortgage insurance can protect against untimely death, as well as disability and even unemployment. These additional policy riders are very valuable but they have additional premium costs.
Mortgage Protection Insurance can become very important. Your mortgage is likely to be your biggest single monthly commitment. Mortgage Payment Protection Insurance is designed to meet your mortgage repayments and safe-guard your home if you aren't able to work because of unemployment, accident. For more read the source link below