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The Benefits Of Mortgage Insurance

By Phillip T. Harden

Anyone who has attained the dream of a house of their own will be very anxious to keep it for themselves and their family.

You may have fire and other physical insurance, but how if when something happens to you, and you take the chance of losing the home? This is how mortgage insurance has a role. The main types of mortgage insurance offered on the market are life and disability.

If a family loses the salary of one or both of the main earners, it is almost guaranteed that the home loan will not be paid and the home will be lost.

If you are like a lot of people, you don’t want to consider the fact of your death. But a good family man will prefer to protect his family in the case he is not there to make the monthly mortgage payment.

A mortgage life insurance policy will pay off the home loan in case of the death of the insured. Most mortgage insurance policies are decreasing term, where the amount of the policy gets lower along with the outstanding balance of the home loan.

But the death of the main salary earner is not the only threat to mortgage payments-if the homeowner is disabled, he will not be able to afford the payments either. The monthly mortgage bill will continue to be made during the time the insured is disabled. Some people think this is not necessary if they have disability insurance at work, but be aware that standard disability insurance only covers 60 to 70% of the salary, and that may not be enough to pay all expenses, including the home loan.

Many insurance analysts believe that mortgage disability insurance is more important than mortgage life insurance because the odds of being disabled are greater than the chances of dying for most pre-retirement population.

In addition, in this era when many, if not most families cannot afford a home unless there are two salaries to support it, joint coverage may be chosen and each of the insured parties is covered for half of the mortgage payment. If both of the parties are disabled, perhaps by an accident they were both in, the entire mortgage payment would be paid.

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Article Citation
MLA Style Citation:
Harden, Phillip T. "The Benefits Of Mortgage Insurance." The Benefits Of Mortgage Insurance. 5 Jul. 2010. 25 Dec 2014 <>.

APA Style Citation:
Harden, P (2010, July 5). The Benefits Of Mortgage Insurance. Retrieved December 25, 2014, from

Chicago Style Citation:
Harden, Phillip T. "The Benefits Of Mortgage Insurance"

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