Where in the US can you buy job loss mortgage protection insurance?
I see several places online where you can buy this type of insurance in the UK, but none in the US. I see where you can buy insurance policies that pay off the mortgage in case of death, but not in case of layoff. Can anyone help? Thanks.
Refinance with Bank of America and you can get it with them….at least you could before.
Refinance with Bank of America and you can get it with them….at least you could before.
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Why not just buy a regular term life insurance company.
Then your beneficiaries can pay off the house or do whatever they want with the money.
No one is going to pay off your house if you become unemployed. The mortgage company could waive the payments if you become disabled. What you need is either credit life & disability insurance. I would just take the regular term life insurance and a disability policy that pays you an income while disabled.
If you become unemployed you will get unemployment benefits. Most agents sell Term Life Insurance and Disability Income Policies.
Ask your agent. Good Luck.
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In the USA, the only job loss coverage is state run unemployment programs.
Unemployment insurance is just like flood insurance – there’s a huge “adverse selection” issue with it, and companies can’t make money selling it – so the states force employers to buy it for their employees, so everyone gets coverage.
If you aren’t eligible, then your BEST bet, is to save 10% of each paycheck against a future job loss.
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