Have questions about mortgage protection insurance regarding unemployment? Well, this is Chad McMahon with protect with insurance.
I’m going to do my best to answer these questions for you mortgage protection insurance, firstly, the quick ten-second version on it is that it’s a term life insurance policy that is built to pay off mortgage, so if you have a $220,000 mortgage, it’s going to be a life insurance policy that’s going to be a two hundred and you know twenty thousand dollar term policy full coverage, it’s going to last fora certain period let’s say ten, twenty, thirty years, usually, it can be fifteen or twenty-five years and then it’s going to pay that mortgage off upon death.
Now as far as unemployment benefits for something like this, most of these policies are not going to cover unemployment, most of these policies are not going to pay if there’s unemployment, what a lot of them will do but certainly, not all of them, because they’re not all, created equally, some of these policies are going to have something built-in where if you have unemployment you are not responsible for making the premium payments for your policy while you’re unemployed, and you need to know your agent needs to tell you if this is built-in this is a benefit, that’s built in because if you have this situation surface, the insurance company are the ones that are paying their bill which is beautiful, so if your bill is, let’s say, a hundred and twenty dollars a month, then you’re with, let’s say, Transamerica or something like that and Transamerica is paying themselves for some time of unemployment and they’ll have certain criteria, certain requirements, you know maximum lengths of time, things like that but that’s most common that you’re going to see that sort of thing.
Another question that comes up often is disability, check out my other videos for disability-related questions, other term, other whole life accidental mortgage protection Prescott AZ, any of these other kinds of life insurance questions, click the button below, I’ll be happy to provide a free consultation for you and anything else I can do for you.
Alright, this is Chad signing out, take care. If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.