How is your mortgage paid if you get sick?

It’s hard enough to shell out cash for health insurance that you’d rather spend on the house or a vacation. Paying for disability and life insurance on top of that is a real stretch for the average budget. Yet without it, families are living on a dangerous precipice, ready to lose many things all at once – a loved one, a house, a standard of living that cannot be recovered.

There is another form of insurance that more and more families are coming to rely on. Many call it mortgage insurance because it assures a family that if the main breadwinner becomes critically ill (i.e. heart  attack, cancer, stroke) and survives, it’s no longer life insurance you need. Due to advances in medical technology, your chances of surviving a critical illness are much higher. As the crisis passes and the bills stack up, this person is likely recovering (and out of work) for three to six months. The coverage you need as your celebrate survival is a critical illness policy. This policy pays out enough cash to cover the deductible on their health insurance as well as mortgage and car payments for several months, if not years. There might even be enough to take care of a few other living expenses.

Check with your insurance broker on the critical illness policies available in your state. For as little as $30 a month (for a 35 year old, non-tobacco using male), you might be eligible for a lump sum cash amount of $35,000.

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