Mortgage Protection & Unemployment

Differing a bit from a regular mortgage payment protection plan is the Mortgage Payment Protection Unemployment policy. In the event that you are out of work, this policy will cover living expenses beyond your mortgage payment. There are a couple of “catches”, however, as there are with any insurance policy, that you should be aware of before buying your policy. First, remember that no kind of unemployment insurance covers temporary employment. Second, keep in mind that benefits aren’t available immediately. You usually have to wait 4 to 8 weeks before you can make a claim. You should still have some emergency savings on hand that would hold you over until you begin receiving your benefits.