Do I need mortgage payment protection insurance?

Do I need mortgage payment protection insurance?

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Mortgage payment protection insurance is for those individuals who are involuntary unemployed and thus cannot pay their mortgage bills. It is usually automatically included, but always compare loans just to double check. In this case, this insurance will help them pay off the loans without the house being repossessed. With the latest recession, unemployment rates are at a high. This makes the insurance of paramount importance. The insurance basically makes sure that the mortgage payment is covered in full in the vent of illness or other crises.

While the MPPI is not compulsory, it is definitely recommended that you apply for it. While the state is expected to help you out a bit, you cannot expect much from that. Unless you have deep pockets and have money stashed away somewhere, it is advisable that you apply for it. A good MMPI will cover the mortgage payments preferably starting one month after you cannot afford to. The coverage can last up to 24 months, since it is expected that most claimants will have recovered successfully by then. However, not anyone is applicable for such a loan. You are not covered by this insurance if you are self-employed, since you cannot prove unemployment. Also, if you suffer from a pre-existing condition, chances are you will not get paid. Also, anyone who has already retired is ineligible for this loan. However, if you do not come under the above categories, you can apply for this loan and sleep easier!