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Does anyone know which companies have products that will pay your mortgage for you if you become unemployed?
I never knew this was a thing until today.
I never knew this was a thing until today.
Mortgage Unemployment Protection
- Thread starter AboutThatLife
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Aside from government programs, I've only remotely heard of Mutual of Omaha (United of Omaha) having a waiver of policy premiums in the event of unemployment. I believe it's a one-time use rider, state specific, and only for up to 6 months.
http://blogs.mutualofomaha.com/express/files/2015/08/TLA-Recruiting-Postcard-9-2-15.pdf
http://blogs.mutualofomaha.com/express/files/2015/08/TLA-Recruiting-Postcard-9-2-15.pdf
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This is different from that. Americo also offers that with their HMS series, and they have a IPO option on one of the plans.
This describes it in better detail here
Come to think of it, I'm not sure it exists outside the P&C world. I'm re-reading this lead flyer my mom filled out, and it specifically says it makes premium payments if you become unemployed, not mortgage payments.
Might be a good idea to get a P&C license just to cross sell that with disability and mortgage protection.
This describes it in better detail here
Come to think of it, I'm not sure it exists outside the P&C world. I'm re-reading this lead flyer my mom filled out, and it specifically says it makes premium payments if you become unemployed, not mortgage payments.
Might be a good idea to get a P&C license just to cross sell that with disability and mortgage protection.
Pretty sure this isn't actually a thing....
Are you talking about waiver of premium for unemployment? Some DI companies have that....
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I was wondering if it was rolled into credit life and disability coverage that only benefits banks and other lenders in the event of a qualified claim?
I think this is the key in that article:
If the beneficiary of these payments is the lender, then I would *presume* that the lender would offer the coverage and/or make it available through P&C agents - whom I would suppose is implied through the term "traditional insurers". It would be a perfect rider to add to a homeowner policy.
I think this is the key in that article:
If the beneficiary of these payments is the lender, then I would *presume* that the lender would offer the coverage and/or make it available through P&C agents - whom I would suppose is implied through the term "traditional insurers". It would be a perfect rider to add to a homeowner policy.
I would be shocked if this can be sold by anyone but P&C agents and it is likely outrageously priced.
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