Hi, my name is David Alemian, Host of the, "It's About Money Radio Show." You know, I've been a life insurance agent for over 18 years, and people always ask me questions about insurance. Often I get asked about mortgage insurance. Now, there's two types. There's one type of mortgage insurance that protects the lender in case the borrower defaults. There's another type of mortgage insurance that protects the borrower should something happen to say the breadwinner, the borrower. If the borrower becomes deceased, what would, what would happen to the family? Who would pay the mortgage? Or what would happen to the borrower if the borrower became too sick to work from some type of critical illness like a heart attack, stroke or cancer? If you're the breadwinner of the family, you absolutely must have mortgage protection insurance to protect yourself and the family. See, mortgage protection insurance really is a life insurance policy with a critical or chronic illness rider. And it's called, and it's used to protect the mortgage. Policy like this would provide monthly to pay the mortgage should the borrower becomes either too sick to work from one of the covered illnesses or if the borrower became deceased. The money would also provide the borrower a benefit if the borrower's unable to perform two of the activities of daily living; eating, dressing, bathing, continence, toileting or transferring; a good car accident can do something like that; or a stroke, or case of dementia. Some of these policies also build a cash value that can provide a financial cushion should the borrower lose his job because maybe he got laid off, she got laid off, or the company went out of business. Another way to think of mortgage protection insurance is think of it as income insurance. It protects your income. Some of these policies are very very low cost. It's actually no-brainer to have one and you absolutely should get one. Some cost a little more money, those are the ones that build a cash value. But, those are very valuable because that could protect, give you financial cushion or some protection should you lose your job or find yourself out of work for any reason. My name is David Alemian. For other answers to questions about insurance, check out some of my other videos. Thank you for watching this one.
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