Sun Life Financial today launched a flexible set of voluntary group disability insurance options, the first of a spectrum of voluntary benefits to mee. ... Long Term Disability (VLTD). รข€œGet Sick, Get Out: The Medical Causes of Home Mortgage ... Responding to Workplace Trends, Sun Life Financial Launches Group Voluntary ...
Angela Calla, AMP of the year in 2009 Mortgage Expert with Dominion Lending Centres and Desiree Dupuis of Three Sixty Financial Group discuss the 3 most common questions when it comes to considering life and disability insurance. Visit www.angelacalla.ca or www.threesixtyfg.ca for help with your mortgage or insurance questions.
mortgagethings.blogspot.com Angela Calla talks life & disability insurance on your mortgage
Mortgage disability insurance has become a great option for families who are worried of an accident occurring and leaving there family in a financial crisis due to them being incapacitated or unable to work. Not being able to work and bring in an income to help make he mortgage payments can leave any family in financial ruin. This is a great reason to consider a disability policy to help protect everyone in the home. If the house that is being lived in is the largest asset that the family owns than this should be a number one priority to consider.
Some business offer disability insurance for there employees. These policies should be looked at very carefully due to the fact that they are normally written in favor of the insurance company and not the policy holder. There are sometimes many loopholes in a business disability plan like how many hours a week an employee works or how many years they have worked for the particular company.
All these factors can void the employees disability benefits so one must make sure they qualify. One must do there due diligence to make sure they check the policy over with an attorney to make sure they are fully covered in case of an incident. It is well worth the $ 100 you will pay for an attorney's consultation.The purpose of mortgage disability insurance is to give the insurer peace of mind that they will be covered in case of a serious event. The United States government can also help in case of a disability or impairment as well. This is part of the social security that one pays as part of his or her paycheck through there paycheck. It is possible to receive social security benefits early if someone is disabled in there job, work place, or struck by a sudden illness.
It is just not easy to qualify for social security benefits and the process is very time consuming. A house can be lost way before a decision is reached by the government which should make it the last option. Suggest Why You Need Mortgage Disability Insurance TopicsQuestion by nanlwart: Is mortgage disability insurance a good idea? I have 90 day disability at work, but I would like to know my mortgage is covered should I become disabled. I am single and do not have family, so am less worried about life mortgage insurance than disability. But, I don't want to waste money either. Best answer for Is mortgage disability insurance a good idea?:
Answer by futureislandowner
I would get whole life insurance outside of our employers program. Many times there is disability coverage, plus there is a cash value on whole life that can be borrowed against in the future for loans to yourself, like for other real estate purchases. If you're a non-smoker with no DUI's on your record its only like $ 25 per month. Money well spent!
Answer by JoelMBA
I used to sell life and disability insurance on loans for 3 years, and while it was a great money maker, I would never get it for myself. Insurance that is sold to you by a mortgage lender is going to be very over priced and it should be last resort. The fact that you are single and no family makes it even easier to decline that option. I would say that if you are going to be disabled for longer than 90 days, that disability may as well be permanent and you would probably know so within 30 days of being disabled, at which point you should know if good 'ol Uncle Sam will be helping you out, if not, sell the home or get a roommate. My best advice to you is to consult with a good independent insurance agent about a disability plan and maybe even some life insurance.
Answer by bostonianinmo
Well, look at it this way. I've been a homeowner for over 28 years now and have never had mortgage disability insurance. It was a crummy deal when it was offered. And I've never needed it. Most folks can say the same thing. Here's a tip: Find out how much they charge for it. Put that much aside every month in a separate savings account until you have 3 months worth of mortgage payments in that account. You are now covered until your work disability kicks in, and never need to add anything to the account again! In my case, it took me only 18 months to set that much aside. Don't waste your money on whole life, it's the worst possible way to buy insurance and a lousy investment vehicle! As you don't have a family, you really don't need it as you already have said.
Answer by insuranceguytx
Your total financial life is very complicated. Disability is but one part. Life insurance is another part and CAN in certain circumstance be worthwhile for single people to purchase. Accumulating enough savings is another part. If knowing that you have a good chance of achieving your goals no matter what happens in your life is important to you, then having a plan for a possible disability situation is necessary. Social Security's disability kicks in after 18 months of disability and your can't work in any capacity during that 18 months. Your best be is to go talk to one or more licensed financial professionals including insurance agents. Talk to as many as you need to until you find one with whom you are comfortable.
Answer by mbrcatz17
If you are thinking about disability coverage, you should probably see if you can purchase long term disability coverage through your employer. Mortgage disability only covers the mortgage payment, and if you become disabled, you'll ALSO need to pay property taxes, utilities, and you might want to eat once in a while, so rather than limiting the payout to mortgage only, you should look for a full long term disability policy. Also, keep in mind that for long term disabilities, Social Security may kick in, but you might need to fight for a few years to get them to consider you disabled.
Answer by frankdeniro
Disability insurance is necessary
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