Mortgage Insurance Policies
If you arranged for Mortgage Insurance when you took out a mortgage on your home and have since been diagnosed with MS, you should review your plan, since:
- Some plans include a Disability Clause: if you become disabled and unable to work for six consecutive months, your mortgage will be paid for that period.
- As long as one of the insured individuals becomes totally disabled, this clause will remain effective even if the plan is a joint one.
- Other mortgage insurance plans include Mortgage Payment Protection, which covers monthly mortgage payments in the event of involuntary job loss, hospitalization or disability. In this case, your mortgage payments will be paid for up to 9 months (12 months if you are totally disabled).
For more information, please contact your mortgage broker.