![]() Coverage starts from the first day for hospitalizations and surgeries, so you don’t have to wait 60 days.The mortgage disability coverage you can get from an insurance agent has these advantages: Most of the insurance coverage you get from the big banks like BMO, RBC, and CIBC suffer from the drawbacks listed above, like a short payment period or a low maximum benefit. You also have to worry about other essential expenses like groceries and utilities that mortgage disability insurance doesn’t cover.Īs you can see later on, a long-term disability insurance policy addresses the shortcomings of mortgage insurance with other value-added benefits.Īlthough it may be more convenient to buy it through your mortgage lender, you can get better coverage from an insurance agent. Lastly, if you become disabled, making mortgage payments is just one of your concerns. With ever-increasing home prices resulting in larger loans, you might not find that limit high enough. If your regular mortgage payments are higher than that, you’ll have to pay the difference. Secondly, the maximum monthly benefit amount is capped at $3,000-$3,500 per month. While that might be fine for a short-term disability, what happens if you’re permanently disabled? ![]() After that, the insurance company stops making your mortgage payments, and you’re left on your own. While the idea behind mortgage disability insurance is good, some limitations to the insurance coverage severely hamper the product.įirst of all, it only covers you for up to 24 months.
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