Did you know that the number one reason for bankruptcies and foreclosures is unexpected medical bills? Do you need a mortgage protection policy? YES!
Especially if your mortgage protection policy has living benefits.
A mortgage protection policy will help provide money for the bills and other unexpected medical expenses if you were to have a critical illness like cancer, heart attack or stroke.
It could also help if you have a long-term illness that would keep from being able to earn a paycheck,
or a terminal illness that you aren’t expected to live through.
What is a mortgage protection policy? It is a term life insurance policy that you don’t have to die to use. As you know, most life insurance policies simply pay out the benefit after you have passed. There are some that will have a rider or clause that will pay most of the benefit if a doctor certifies that you have less that one year to live.
But, what if you get really sick and don’t die? What if you’re out of work for a couple of months to a year or more? Who’s going to pay the bills if you can’t earn a paycheck?
Could you afford to pay the mortgage, car payments, credit cards, utilities and put food on the table if you lost your income? Most couldn’t. An overwhelming majority (90%) of our nation’s middle-income Americans say they are not financially prepared for a critical illness diagnosis, according to a new study released by Washington National Institute for Wellness Solutions (IWS). Additional info here.
Even with two paychecks in the home, most families need both just to keep a roof over their heads and if you lost your income while you were recovering, how would you survive?
With a mortgage protection policy that has living benefits, you could get part of the death benefit ahead of time. So, how does it work? Let me explain:
Which health conditions raise life insurance rates?
Can you lower your life insurance costs? Absolutely!
Exercising, eating a healthy, well balanced diet, no tobacco, moderate drinking, etc… All these activities and choices will benefit you in multiple ways. Besides being healthier, you will have more money and live a longer more productive life.