Is there any kind of ins that provides paym't of your mortgage while you are temp disabled?

Question

something that you can purchase, make monthly paym'ts on, like you can with your credit cards should you lose your job, or go on short term disability. if so, do you know the name of the company? and about how much it costs? and can i keep it indiffentately? for the whole term of my home mortgage (3o yrs?)

Answer 1

OK, there isn't anything to cover loss of income if you lose your job, except unemployment benefits.  The only disability you can get, you already have.  If you buy MORE disability coverage, the MAX you can collect, combined, is 70% of your gross pay - because that's about what your net is ANYWAY.

It's rated like any disability coverage - based on occupation, salary, and your general state of well being.  Needing surgery now, it's too late to buy any new disability coverage.

Answer 2

If you're already diagnosed, a new policy won't cover what you already have.  It's either uninsurable and your new application will be rejected, or it will be considered a pre-eixsting condition and not covered.

Insurance is for unexpected events.  This doesn't sound like one.  But like the first answerer said, ask an agent.  They won't waste your time if you're not going to qualify.

Answer 3

It is called disability insurance, see if it is available through your employer, if not, check with several agents to compare prices. Important things to ask: elimination period (time that must pass before payments will begin) 30 days is probably is the least time to consider, 90 days the longest time to consider, amount of coverage, how long is it renewable, does the coverage ever decrease, does the policy pay the premium while you are disabled. Any shorter time period than 30 days, price will get too high, and can you survive without a paycheck for longer than 90 days? Make certain the insurance will cover illness and accidents. As far as how long to keep it, again check price on different policies. There is yearly renewals, five year renewals, etc. Just be certain it is guaranteed renewable. DO NOT buy disability insurance through the mortgage company!