Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about The Basics of Mortgage Insurance and other Mortgage Protection Insurance topics.
You may work for an employer that offers group Mortgage Insurance Coverage with an inexpensive premium, no medical underwriting, and a very convenient application process. If so, you might think that this leaves you off the hook for getting your own, fully underwritten, individual Mortgage Insurance Coverage outside of your place of employment. Unfortunately, having all your insurance through a group plan with your employer actually puts you and your family's future at risk.
Many group insurance policies are not portable. That means that you may be insured for the few years that you work for the company, but your coverage ceases the moment you stop working for them. Whether you quit in order to work for yourself, for another company, or to be a stay-at-home parent, you will no longer have Mortgage Insurance Coverage. You will now have to apply for a fully underwritten policy at your increased age. If you‘ve had any medical problems, weight gain, or prescriptions added to your regimen, then you'll face more expensive Mortgage Insurance Coverage than you would have if you had applied for your own individual policy from the start.