Research shows that people are often more at risk of suffering a disability than dying during their working years. Disability prevents you from working to maintain your current standard of living, and so you need to replace the income you lost while away from work. While many disabilities may be temporary, some can also be permanent. Not only will you be unable to keep up your lifestyle, you will also be unable to keep up your mortgage payments. Disability mortgage replaces your income according to your monthly mortgage. Here are some concrete reasons to consider getting mortgage disability.
You Are Self Employed
A self-employed person depends entirely upon his/her own efforts to maintain an income and standard of living. Therefore, they are especially vulnerable to loss of income if they were to be unable to work even for a short time. These persons may not qualify for the level of disability income they need, because the income of self-employed persons tends to fluctuate or remain artificially low. With mortgage disability insurance, the benefits are measured against the size of your mortgage rather than your personal income. Therefore, this is a much more practical option for persons in the self employed category.
Your Income Decreases
You might change to a lower paying job, or for whatever reason, your salary decreases. In such cases it is better to secure disability insurance that is tied to your mortgage rather than your income. If you have a lower income, then your disability benefits will also decrease, but mortgage disability doesn’t change.
You Have Group Coverage
If you have group coverage, you might be tempted to be secure in the fact that you have disability with your employer. But what if you plan on leaving your job, or worse yet, you are forced to leave? The coverage you once had would disappear, and even if you find a new job there is no guarantee that you will have the same kind of benefits. With mortgage disability insurance your coverage is not dependent on whom you work for. Therefore you can change jobs with peace of mind knowing that if anything happens your income will be replaced.
Mortgage disability insurance is always useful to have. It allows you to have coverage without having to prove that you have a certain level of income. Also, it gives you the flexibility to make career choices without having to worry about how it will affect your disability plan. If you are considering getting disability, then consult with our specialists today. They can help you find a solution based on your needs.