Hello, this is Chad McMahan with Protect With Insurance, this is another mortgage protection video blog and this series, these are super short, super important videos about mortgage protection.
This one is on mortgage protection, disability compensation. So here’s the deal. A lot of people ask, can we get disability built into our mortgage protection policy?
The short answer is yes and no, and I’m going to explain this very quickly. I’ll start by saying, once you are disabled, you can’t get mortgage protection. So I want to make that clear. If you’re already disabled, you can’t get Mortgage Protection.
And there’s a tiny bit of grey area there. You’re welcome to let us know your situation and we’ll see if there’s some way to kind of get it, get it in and get it for you. But in 98 out of 100 cases, once you are disabled, you cannot get mortgage protection.
Now, there are lots of mortgage protection policies out there that will give you chronic and critical writer’s protection on your policy.
Now, Chronixx is going to be the most relevant that’s going to have the most to do with disability. It’s not a disability plan per say. However, there are a few situations that might be involved in disability. For example, if you.
Lose at least two activities of daily living, also known as Adel’s, that’s the acronym for it, you lose at least two of these. These are going to be things that we take for granted, for example, getting yourself out of bed in the mornings or any time, taking prescription medicines without help, going to the bathroom. If you can no longer do at least two of these things without assistance, then the chronic writers will pay. This is called the living benefit means that it pays you while you’re alive.
It’s not a death benefit. It’s a living benefit. So there are a lot of these policies that have this protection built in. There are also a lot of these policies that don’t have this protection built in. So if disability protection in this form is important to you, let us know, because what we’ll do is we’ll only shop the carriers that provide those living benefits. Most people don’t care that much if they have those.
So we just try to get the best price possible. We always educate what the differences are in the policies and always try and get you the best possible solution. But that’s one example. Another example is there are lots of policies out there that when the living benefit is triggered, you have a disability. OK, so an actual bona fide disability, then they’ll pay your mortgage protection premiums for six months. That’s I know that’s not a big thing. And that’s not real sexy.
It’s not real exciting, but it helps. It just kind of takes the burden off a little bit of the the payment for six months. And it’s not any money that’s due later.
It’s it’s like those payments have been paid. It’s just you don’t have to pay them by the magical mortgage protection. Very paid it, meaning the actual insurance carrier. They just pay those for you for six months. And the last thing that’s relevant to this, but it’s not directly disability, is if you are diagnosed with a chronic illness or cognitive cognitive impairment. Sometimes my wife thinks that I have a cognitive impairment. Not really. She’s she’s a wonderful person.
But if you have any of those diagnoses, then it can also trigger that chronic rider, that chronic part of that policy built in there. So this is very, very important stuff. And happy to get you more information on that. Please reach out to us. Let us know what we can do for you and stay safe out there.