Mortgage protection insurance cover can be a lifesaver for homeowners in trouble. In days of economic turmoil and financial instability a mortgage protection insurance plan can keep a family in their home when they would otherwise be on the street.

What is Mortgage Insurance Cover?
In the simplest of terms, mortgage insurance cover is just an additional plan of coverage a homeowner can purchase, in addition to their primary coverage, to cover the cost of their monthly mortgage expense in the event that the homeowner is unable to pay them. If that should occur, the insurance company will pay the mortgage payments. The premium, or the amount you pay each month to keep this insurance active, is set at the time of purchase and stays the same during the entire life of the policy.

Why would I need Mortgage Insurance?
A homeowner can need mortgage protection cover insurance if they lose their job due. Depression, recession and myriad other economic crises can effect the job market and unemployment rate. Even if a homeowner has had steady employment for many years with the same company, industrial downsizing in response to a struggling economy does happen. In cases like these, the homeowner loses her job and the insurance company takes over payment on the mortgage.

Another instance mortgage protection insurance can help is in the case of a tragic event. If the sole payer of the mortgage is a husband with a wife and children residing there, they would be homeless is he should die. Having mortgage protection insurance makes sure that the payments are taken care of and the surviving family is not in danger of losing the house to the mortgage company.

How to Get Mortgage Protection Insurance

Contrary to what many people believe, most mortgage protection insurance cover policies are purchased with their life insurance not their homeowners insurance. It is a particular type of death benefit that can also include lose of income. At the onset of these policies the insurance agency was only required to pay the remaining amount of insurance the homeowner owed. Recently, however, insurance companies have begun to pay the entire amount of the original policy regardless of how much is still owed. Homeowners contact term life insurance salesmen or an insurance company and ask for a representative to contact them. At that point all options for the homes insurance will be discussed and debated by the homeowners and the insurance representative.