October 19, 2009

Chicago (InsuranceAgents.com) – Yes, the economy is currently in distress, as it has been for a while now. And it has affected the housing market. And as the economy, and the job and housing market begin the slow crawl to getting back on its feet, homeowners are left facing the cruel world and wondering whether or not they will lose their job and then, ultimately, their home.

But a recent article from InsuranceAgents.com seeks to explore mortgage protection insurance, potentially a homeowners lifesaver. Job loss mortgage insurance  financially helps a homeowner hold on to their property if they are a victim of involuntary unemployment. 

“These days it seems no job is safe. Even [the] employed are constantly worried about being laid off or taking a cut in salary. Combine that with a costly mortgage and job loss mortgage insurance suddenly becomes a very smart idea […] in such a bleak economic climate,” states the article, “Is Job Loss Mortgage Insurance A Smart Decision?”

There are several benefits to investing now in job loss mortgage insurance. First, if a homeowner loses their job, they don’t have to lose all right to an income and then their home. Other benefits of job loss mortgage insurance include:

• Pays all or part of the mortgage if the homeowners involuntary loses their job
• Pays all or part of the mortgage if the homeowner becomes disabled
• The ability to renew the policy annually or cancel it if the homeowner becomes employed again
• Options regarding extent of coverage with most coverage beginning 60 days after the loan closes with a guarantee of up to 12 payments of principal and interest

Keep in mind, however, that job loss mortgage may not be appropriate for everybody. It’s recommended that homeowners consult their home insurance agent before diving into a policy.

To get in touch with an agent or receive free insurance quotes , visit InsuranceAgents.com.