The reasons people buy mortgage protection insurance policies is so they can have peace of mind: the insurance company can make your mortgage payments for you should you lose your job or if you get disabled and are unable to work. Some types of mortgage insurance will also pay off the entire mortgage should you die, and some policies provide for both scenarios.
A great advantage of this type of insurance is that it is relatively easy to obtain. So it doesn’t matter if you are considered uninsurable or if you have difficulty getting other kinds of insurance because you have serious medical issues. People who are employed by physical-risk industries, such as construction, are often denied disability insurance because their chances of being injured on the job are higher than normal. But even people who work in high-risk jobs can usually get this specialized insurance.
As with other types of insurance, it is wise to shop around and get comparison quotes; mortgage insurance is similar to other types of insurance in that the premiums vary due to your age, health, and risk factors. Most companies that sell life insurance also sell policies that are designed solely to protect your home, so look at your options as far as coverage and premiums.
All in all, having an insurance policy to protect your home is a great way to have peace of mind; you won’t ever need to worry about your family becoming burdened with mortgage payments, and you won’t have to fret about falling behind in your payments should you become temporarily disabled or laid off.