Disability Insurance for Home Loans
 

Hi, everyone,

I will be returning to work soon and was thinking about re-financing my home to get some extra money to complete some improvements. But, I started thinking...can I get disability insurance to pay my house notes if I'm off work? When you apply for loans, sometimes they offer this. I just recently purchased furniture and they offered it and I took it. I was wondering if anyone knew of a bank that offers this for home loans.

Just a thought...

AlwaysBelieve

It sounds like somebody might bundle disability ins with home loans, if not just buy them separately, but be sure there are no time provisions on collecting, and watch the disclosures you make, I would guess disability carriers are adept at finding reasons to void the policy, and you need to be equally adept at spotting any provisions that would prevent voiding policies, like pre-existing conditions.
Free lunches can be mighty expensive at times.

Disability Insurance for Home Loans
 

Thank you for your reply.

I guess you are right. I not trying to get something for nothing. I plan to work for as long as I can. I guess I'm just scared (just as we all are). I have 2 children and I'm not sure what we would do if I don't work.

Anyway, thank you for your wise advise.

Alwaysbelieve

It is true that you will need to look at any pre-existing time clause if there is one. I don't know the answer, however I know someone who probably does and I will ask him by the first of the week and post again.

Virginia