The loss of one’s primary source of income almost always creates a domino effect that results in difficulty paying even your most menial of bills, let alone your most important bill: the mortgage.
However, losing your job isn’t the end of the world. There are always ways to make ends meet and mortgage protection insurance is available to prevent your home from being foreclosed on. According to an article recently published on InsuranceAgents.com you should speak to your homeowners insurance agent today about job loss protection.
“With an added job-loss rider, mortgage protection will help pay your mortgage payments in the event that you lose your job and can also cover your mortgage if you are otherwise unable to continue the payments on your own,” according to the InsuranceAgents.com article.
It is important for those interested in purchasing mortgage protection insurance to understand what factors go into the amount they are being charged for coverage. Those deciding factors include your employability, the cost of your mortgage payments, and the current state of the economy. The job market has a significant deciding factor on your mortgage protection premium. The higher the risk that you may lose your job, the more your mortgage protection insurance may cost.
With the economy in shambles and job security a term of the past, mortgage protection insurance is now more important than ever. Most policies come with job-loss coverage included but others require you add a job-loss rider. Visit InsuranceAgents.com to get set up with a home insurance agent in your area and ask them if mortgage protection insurance is right for you.