If you are like me, then you are too considering a mortgage payment protection plan. I have a bit of a special circumstance to share; about six months ago I was put out of work by devastating back injury that I never saw coming. I struggled everyday after my accident to get back to work, but it took a couple of months of intense physical therapy before I was cleared to work again.
I never thought something like this could ever happen to me, I had a mortgage payment to make, cars, groceries and other bills that began to stack up. I was fortunate enough to have had some money in my savings account to hold me over but I still had to pay one credit card bill with another until I could get back to work.
I learned about something called a mortgage payment protection plan shortly after my accident. My physical therapist was in the same situation as me a few years back and she told me all about the details of her plan and how she is protected against anything of that nature happening again.
The way this type of insurance works is that if you become injured and unable to work, your insurance policy will begin to repay your mortgage lender and supply you with extra monthly income if you arranged that prior to your accident. Unfortunately enough for my case, no insurance company wanted to have me directly after my accident but they had informed me that they would accept me once I got back into good health and working again.
Right after getting back into work, within two days I had found a cheap payment protection insurance company that would insure me and give me the peace of mind that I was so longing to find.
Leave a comment