Disability Insurance acts as a balancing factor with the Mortgage life insurance. Both disability and mortgage cover can now be obtained by taking up just one insurance policy.
When it comes to your wish to leave your property for your successors intact even though you are suffering from disability, you cannot take a chance. The life disability policy is what you should take into account in this regard. The word is basically an amalgamation of two terms namely, 'Mortgage Life Insurance' and 'Mortgage disability Insurance.'
Life disability cover makes the Mortgage Life Insurance and the Mortgage Disability Insurance work together. But before the term 'life disability insurance' is understood, it is important to know the independent connotations of the terms that compose it.
Mortgage life insurance: Among the various well-known policies that provide the death benefit to pay off the mortgage, the 'decreasing term life insurance policy' is one of the most widely accepted. The premiums to be paid are affordable and the death benefit keeps reducing with the mortgage balance. 'Level term life policy' is yet another kind that lets you pay off in keeping with the mortgage period. The death benefit does not diminish in this case. The 'whole life insurance' or the 'variable life insurance' lets you transfer the mortgage early.
Mortgage Disability Insurance: this is a policy that warrants your mortgage loan repayment in case you are disabled. It is a special kind of life cover policy. With the disability insurance mortgage payments are made easy even when you are rendered disabled to work. With the help of this insurance, you can protect your cherished house even when you are unable to bring in any income and you do not have sufficient funds to pay off any mortgage.
Since Mortgage Life Insurance pays out on the occasion of the death of the owner and may not always take care of the same in case of disability, the Mortgage Disability Insurance will act as a balancing factor so that you get maximum coverage; hence the need of life disability cover.
Thus, life becomes more secure with the life disability insurance because you never know what is waiting for you the next moment. While it is good to expect the best out of life, it is desired that you be prepared for the worst.
When it comes to your wish to leave your property for your successors intact even though you are suffering from disability, you cannot take a chance. The life disability policy is what you should take into account in this regard. The word is basically an amalgamation of two terms namely, 'Mortgage Life Insurance' and 'Mortgage disability Insurance.'
Life disability cover makes the Mortgage Life Insurance and the Mortgage Disability Insurance work together. But before the term 'life disability insurance' is understood, it is important to know the independent connotations of the terms that compose it.
Mortgage life insurance: Among the various well-known policies that provide the death benefit to pay off the mortgage, the 'decreasing term life insurance policy' is one of the most widely accepted. The premiums to be paid are affordable and the death benefit keeps reducing with the mortgage balance. 'Level term life policy' is yet another kind that lets you pay off in keeping with the mortgage period. The death benefit does not diminish in this case. The 'whole life insurance' or the 'variable life insurance' lets you transfer the mortgage early.
Mortgage Disability Insurance: this is a policy that warrants your mortgage loan repayment in case you are disabled. It is a special kind of life cover policy. With the disability insurance mortgage payments are made easy even when you are rendered disabled to work. With the help of this insurance, you can protect your cherished house even when you are unable to bring in any income and you do not have sufficient funds to pay off any mortgage.
Since Mortgage Life Insurance pays out on the occasion of the death of the owner and may not always take care of the same in case of disability, the Mortgage Disability Insurance will act as a balancing factor so that you get maximum coverage; hence the need of life disability cover.
Thus, life becomes more secure with the life disability insurance because you never know what is waiting for you the next moment. While it is good to expect the best out of life, it is desired that you be prepared for the worst.
