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While not intended as a method for helping you pay mortgage premiums while you're living, a properly structured Mortgage Insurance policy can help provide a source of income to you and your family if you're diagnosed with a terminal illness during the term of the policy, provided you add an accelerated benefit rider to your Mortgage Insurance policy.
An accelerated benefit rider (sometimes called a terminal illness rider) is an additional benefit that allows for a certain amount of your death benefit to be advanced to you, provided you've been diagnosed with a terminal illness. This advance can help you pay your mortgage payments or other bills and can help you live out your remaining days in comfort. It can also help to ease the financial burden on your family if your end-care expenses are more than they can afford. The rider can be added to many Mortgage Insurance policies at a small additional cost.
|Jennifer Mathes, Ph.D.|