The Importance of Job Loss Insurance for New Mortgages

Image obtained from CNBC http://www.cnbc.com/2015/12/01/surviving-a-job-loss-without-losing-your-shirt.html

Job loss is something that no one wants to think about. In today’s economy, many of us cannot afford to have unpaid time off. A recent example of these job losses is the significant increase in unemployment that has occurred in Alberta over the last few years. This time off can be strenuous, especially if it is unpaid or you have to wait for government assistance such as Employment Insurance to activate. It’s important to note that this activation period can take up to 1 month; which means that you may struggle to ensure that your mortgage is paid.

The result of this instability has been the increased popularity of Job Loss insurance products for individuals to take into consideration when buying a house. If you are taking out a new mortgage, it is important that they have some sort of insurance to assist you should  you or your spouse lose your jobs or become laid off. At Broker Plus Insurance, we have the perfect products for those with new mortgages who are looking for extra protection. It is important to note that the Job Loss Rider must be taken with our Disability insurance and cannot be purchased by itself.
 
The benefits of the Job Loss Rider:

• Provides coverage of up to $6000 per month.
• What’s beneficial about this type of insurance is that the payments do not conflict with any supplemental income (for example, Employment Insurance) as the insurance is paid to the lender so that you can make their mortgage payments.
• In order for you to qualify for this insurance, you need to work a minimum of 25 hours on a permanent basis.
• It is important to note that the elimination period is 60 days and the termination age is 65 years.

 
The benefits of the Disability Insurance:

• The Disability insurance is something else that will benefit you as you're able to insure up to $6000 per month.
• Each applicant can insure up to 100% of the monthly mortgage payment; this payment does not conflict with any supplemental income (for example, Workers Compensation) as payments are made directly to the lender.
• There are no limitations of neck and injuries or mental disorders.
• For those who are self-employed, this coverage is suitable as long as you are working a minimum of 25 hours a week on a permanent basis.
• It is important to note that the elimination period is 60 days for this type of insurance.
  

To request a quote on the products we offer, click here.
Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.