Mortgage Insurance protects us from our mortgage obligation. Due to medical advancement, we are living longer than ever. As a borrower, you may opt to cover disability and critical illness too.

We can acquire assets and wealth thru our ability to earn an income. With sufficient income, we can afford to finance or purchase an asset like a car, house, and boat. When critical illness hit us, the critical illness disrupts our ability to earn an income. Therefore, the bills build up high. And, we are unable to pay off the mortgage or loan.

Mortgage Life Insurance only protects us in the event of death. With all the medical advancement, we are more likely to beat the odds. This is when the disability and critical illness comes into play. Any borrower can opt to add disability and critical illness coverage on mortgage life insurance with a slightly additional cost.

The mortgage disability insurance pays a benefit up to the benefit term. The borrower can decide how long to cover in the event of disability. The average of disability usually lasts an average of three years. Nevertheless, the borrower can decide to cover between two years or to age 65 years old.

The mortgage critical illness insurance pays a lump sum in the event of critical illness. The lump sum can be used at anything like take an early retirement, pay off the mortgage, pay off any expenses, settle the medical bills, or supplement the lost income.

The disability and critical illness insurance usually covers the borrower from heart attack cancer, paralysis, multiple sclerosis, organ transplant, coma, loss of speech, stoke, severe burns, blindness, and loss of limbs. There may be more. Consult your mortgage insurance agent.

This type of insurance coverage started in the eighties by a heart surgeon. The patient who is not fully recovered from critical illness or surgery tries to regain the ability to earn an income. After critical illness or surgery, the patient may not be ready to go back to the work force. The patient needs as much rest until the patient is fully recovered.