Finding The Best Mortgage Payment Protection

By Author: Shourya Ray Chaudhuri
Total Articles: 598
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If you lose your job, you are in a lot of risks. You can lose other things in the process. You can lose your phone, stuff, electricity and ultimately, your home if you are not able to pay your mortgage in a considerable amount of time. Let us admit it; the house is the most important layer of security. Becoming homeless can lead to big problems. Let us admit it; the state cannot help its people during these trying times. While you are still able to do something for your future security, be sure to get mortgage protection. This is a form of protection so that if you had an illness or disability and you cannot work, the policy can step into the scene and provide the protection that you need for your house.

How it works:

Given that you consistently pay the premium on your mortgage payment protection, when you get sick or if you had an accident, you will have to make sure that you have enough money to wait before making a claim to the insurance company. The claim is done after a considerable amount of time. This is a standard procedure that is consistent in all the policies. You have to be guided that that extent ...
... of the policy is not indefinite and it will not wait for you to get your job. You have to make sure that you recover and find a job before the policy expires. Most policies end after 1 to 2 years but if you are willing to pay a higher premium, you can go for a much longer time. Nonetheless, you do not really want to be jobless for more than 2 years. Unless you have a really bad disability, that extra time can be very helpful.

Things to consider:

You have to know that there is an initial exclusion period that takes effect when the contract begins. During that time, you cannot make any claims. This one happens normally on unemployment and the exclusion period can last from 30 to 60 days. There is also the so called excess period that can either be 30 to 60 days. You will be excluded from the claims payment during this time. Let us say you have a 30 day excess and the claim as 35 days. The 5 days will be paid for. In some cases, there is some waiting periods when the claim is paid in full. The company will most of the time cover the mortgage and addresses other related bills like insurances and pensions. The amount will vary depending on the company. You have to make sure that you get this kind of mortgage payment protection so that if problems occur in the near future, you will be protected against the risks and you can easily get back and recover your finances.

Shourya Ray Chaudhuri, Ezine Articles Expert Author.For more information: Mortgage Payment Protection
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