Protecting your mortgage and equity line of credit is of utmost importance and priority. Most people find it difficult to protect and keep their mortgage due to disability or critical illness condition. But if you really want to protect your mortgage, it might be important to take advantage of the right disability mortgage insurance plan to continue funding your mortgage even when disabled.
To be eligible for mortgage life insurance coverage, the insured must be between the ages of 18 and 65 (both inclusive). You have an option to choose to protect your investment up to $6,000 each month either for the duration of your loan or 24 months. It is also required that you contract or be contracted a mortgage loan or equity line of credit for buildings like principal residence, second residence, building with income and buildings for commercial usage.
Why Mortgage Plan – Disability Insurance Makes Sense
The benefit amount for the Blue Cross Mortgage life insurance is expected to be less than or equal to the amount insured approved by the insurer at the commencement of the contract and the outstanding balance of the mortgage loan or home equity line of credit. Some other benefits involved in this plan include accelerated benefit, simultaneous death benefit, and so forth.