It must be hard to believe but the US Department of Housing and Urban Development has put forward this startling fact that 50% of all the foreclosures result due to the condition of disability. Further Social Security Administration states another disturbing fact that one in every five persons gets afflicted with the long-term disability and that too before reaching the age of 65. Taken these facts together, it is quite clear that disability is one of the greatest threats to your homes and in these circumstances, the Mortgage disability insurance is the best safeguard.    

Mortgage disability insurance belongs to the family of insurance to insure people who get disabled temporarily or permanently during their life span. It is based on the assumption that we may have to face many unfortunate incidents in our life however the most responsible thing in this situation we can do is to have this insurance and secure ours and our family's future.

Just like we pay for our health insurance every month to get financial aid in case of any medical emergency in the same way mortgage disability insurance functions. If you are not in a position to work and have no source of income from any where at least this insurance will guarantee that you can save your home from getting mortgaged in case it is under heavy debt and provide your family a decent living. If you want to opt for this type of insurance, then it is very crucial that you must understand the policy completely. You should know for how much time the policy will pay your mortgage payments, what percentage of the mortgage it will pay, if there is any waiting period of payment from the policy, and the verification process involved to determine the disability which guarantees payments from the policy.

Some companies provide disability insurance to their employees and these policies should be visualized with great care because these are generally formulated in favor of the insurance company and not of the policy holder. There might be many loop holes in the plan like number of hours employees are working or number of years they have worked for a specific company. These all factors can devoid the employees of disability benefits so one should make sure they are qualified. It is best in this situation to get the policy first checked by an attorney and then signed.

These types of insurance have very reasonable premiums and if bought from mortgage holder then you can pay them along with the monthly mortgage payments. Some of the benefits these insurances entail are:

• There is no need to give medical exam.
• You will get the benefit early if afflicted by critical or terminal illness.
• In case of prolonged disability, you will get the monthly benefit for paying your mortgage installments.
• You can also insure your wife and children under the same plan by paying single policy fee only.
• You will get interest on the premiums paid so that you and your spouse have an additional source of income to deal with emergencies.
• When the policy expires, you will get the refund of all your premiums.

Given the current situation, mortgage disability insurance is indeed a smart option to secure your home and your family's future.