FAQ
Who Qualifies for Unemployment Mortgage Protection Insurance?
Qualifying for this type of coverage is usually open to most people who currently have a fulltime job that provides a W2 to the IRS. The coverage is not available to seasonal workers, self employed, entrepeneurs, or part time employees.
How much will this coverage cost?
There are differences in premiums based on several factors including age, job tenure, health, employment history, and several mortgage related factors including remaining balance. The insurance company wants to assess the risk factors that could place you in need of coverage.
What limitations are there for paying out if I lose my job?
This policy will typically not pay out for a few reasons. If you voluntarily leave your job or are fired for cause, you will not receive benefits. In addition, anyone who is involved in seasonal work or a profession that has normal gaps in employment are not eligible.
How long will the coverage last?
The coverage will cover up to 6 months of unemployment. When you find a new job, it will also provide a partial payment for the portion of the month you did not work when you start your new job. In addition, the policy will cover subsequent unemployment periods as long as you hold a job for 4 months.