Income and Mortgage Protection Coverage

Published by Lance Mohr | Filed under Home Buying Tips

You have spent a great deal of time scouring the Tampa real estate market looking for just the right home.  You finally did find the prefect residence, a place where you and your family will be able to make memories for years to come.

Occasionally, a person will find his or her self sidelined from earning an income because of illness, disability of unemployment.  In such circumstances, a person easily can find his or her self in such a bind that he or she is unable to keep current with mortgage payments.

Enter income and mortgage protection insurance.  In this article, we provide a brief overview for the homeowner of income and protection mortgage insurance and the benefits that you can receive from such a policy.

Extent of Coverage

The first “thing” that a consumer such as you needs to consider when looking into income and mortgage protection insurance is the extent of coverage provided by a given policy.

There really are three different instances when an income and mortgage protection policy can come into play in your life:

1. when you are unemployed
2. when you are ill
3. when you are disabled

The ideal policy is one in which all of aforementioned events are covered pursuant to the terms and conditions of the income and mortgage insurance policy. 

Effective Date of Coverage

Policies have different dates at which the coverage provisions set forth in the policy will take effect.  Of course, in most instances, the best type of policy is one in which coverage is extended at the onset of unemployment, illness or disability.

That being the case, most policies do not provide for immediate coverage upon the onset of one of the covered conditions mentioned previously in this article.  Rather, normally there is a waiting period that can extend from one to six months before the coverage provided by a given policy will “kick in” and become available.

A person interested in obtaining income and mortgage protection insurance policy will pay less for a policy that has a delayed date of coverage.  However, while you may save money by obtaining such a policy, you realistically may not ever enjoy the benefits of such coverage if the “activation of coverage” date is a significant point down the road from the outset of the covered event. 

Conclusion and Summary

For most people, particularly people with families to support, income and mortgage protection insurance coverage is a wise investment.  With the significant number of companies providing income and insurance protection coverage in today’s market, you are wise to take your time considering a number of possible alternatives.

By doing your homework, you will be in a better position to find an income and mortgage protection insurance policy that best meets your short term and long term needs and objectives.

If you have any questions about the Tampa real estate market or New Tampa real estate please don’t hesitate to give me a call.

VIP Buyer Program | Tampa Home Search | Tampa Bay Water View homes | Tampa Foreclosures
Bank Owned/REO Properties | Featured Homes | Resource Center | Tampa Mansions

Copyright 2007 www.tampa2enjoy.com and Tampa real estate