Making a Mortgage Disability Claim and Getting It Approved
Although it isn't always financially either feasible or worthwhile to carry mortgage disability insurance for the term of your mortgage, there are times when it can come in handy.
Some people decide to carry it, because they're worried about what would happen to their families is they became disabled and unable to work or died.
The three types of insurance you can choose to pay for along with your mortgage payment each month are credit life insurance, credit disability insurance, and credit unemployment insurance.
Carrying these types of insurance means that if you become physically unable to work, your benefits will take over to pay your mortgage.
Once it appears that you are going to be laid up for awhile and that you aren't going to be able to work, it's important that you immediately contact your insurance agent to procure the necessary paperwork.
Filing and proving a disability claim can be a long, drawn out affair, so you want to get the process started just as soon as possible.
While you are waiting to receive the papers in the mail, read through the policy you received when you initially took out the insurance.
Specifically look for any rules and stipulations regarding what the company will and won't pay for.
Find out what kind of documentation they require.
Don't just be content with filing a claim with your mortgage disability insurer.
Contact your local branch of the Department of Health and Human Services and request that they also send you a claim form to file.
Although this may seem redundant, the more documentation there is on file, the better your chances of receiving benefits under your claim.
Involve your employer, too, even if it isn't a work-related disability, so that they can document the reasons why you are unable to do the job they need you to do.
Another government agency you need to contact is your local Social Security office.
Find out their requirements for officially recognizing you as disabled.
It's hard for an insurance company to deny a claim if the federal government is verifying that it's a legitimate one.
Once you've gathered all the documents, paycheck stubs, and letters from employers, social workers, and physicians, send everything via certified mail to the mortgage insurance company and also call your agent to advise them that the documents are on the way.
It may take a substantial amount of time to receive your first payment from them, but once they start, they should come on a regular basis until your doctor pronounces you ready to return to work.
Some people decide to carry it, because they're worried about what would happen to their families is they became disabled and unable to work or died.
The three types of insurance you can choose to pay for along with your mortgage payment each month are credit life insurance, credit disability insurance, and credit unemployment insurance.
Carrying these types of insurance means that if you become physically unable to work, your benefits will take over to pay your mortgage.
Once it appears that you are going to be laid up for awhile and that you aren't going to be able to work, it's important that you immediately contact your insurance agent to procure the necessary paperwork.
Filing and proving a disability claim can be a long, drawn out affair, so you want to get the process started just as soon as possible.
While you are waiting to receive the papers in the mail, read through the policy you received when you initially took out the insurance.
Specifically look for any rules and stipulations regarding what the company will and won't pay for.
Find out what kind of documentation they require.
Don't just be content with filing a claim with your mortgage disability insurer.
Contact your local branch of the Department of Health and Human Services and request that they also send you a claim form to file.
Although this may seem redundant, the more documentation there is on file, the better your chances of receiving benefits under your claim.
Involve your employer, too, even if it isn't a work-related disability, so that they can document the reasons why you are unable to do the job they need you to do.
Another government agency you need to contact is your local Social Security office.
Find out their requirements for officially recognizing you as disabled.
It's hard for an insurance company to deny a claim if the federal government is verifying that it's a legitimate one.
Once you've gathered all the documents, paycheck stubs, and letters from employers, social workers, and physicians, send everything via certified mail to the mortgage insurance company and also call your agent to advise them that the documents are on the way.
It may take a substantial amount of time to receive your first payment from them, but once they start, they should come on a regular basis until your doctor pronounces you ready to return to work.
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