Mortgage Protection FAQ

Here are some of the most frequently asked questions about both mortgage unemployment insurance and also mortgage life insurance.

What is mortgage life insurance?

Mortgage life insurance is term life insurance that lasts as long as the term of your mortgage. Mortgage life insurance is many times decreasing term life insurance where the death benefit of the term life policy decreases in parallel with your mortgage balance. Mortgage life insurance pays out a lump sum cash benefit (called the death benefit) to the beneficiary to use to pay off the mortgage (or for any other purpose that they want) upon the death of the insured.

What is mortgage unemployment insurance?

Pay Check Guardian is a monthly membership plan that pays out a cash benefit when you become unemployed.

What exactly does the mortgage unemployment insurance membership plan provide?

Every member is automatically covered under the Credicare911 plan which protects members from identity theft, the Legal Club of America, and the We Care membership program. Depending upon your level of membership (Silver, Gold, or Platinum) you will be eligible to receive cash benefits mailed directly to you in the event of your involuntary unemployment.

What is involuntary unemployment?

You are covered for virtually all unemployment except for Involuntary Unemployment does NOT include quitting, resigning, retiring, expiration of an employment contract, being fired for cause, or being on leave due to accident, sickness, disability, family obligations, childbirth, pregnancy, or due to scheduled seasonal or temporary breaks.

Are all jobs eligible for the plan?

All jobs are covered except for:

1. Workers who do not get a W-2
2. Self employed workers
3. Business owners
4. Independent contractors
5. Temporary/Seasonal workers
6. Educational employees on a scheduled break
7. Workers who are employed by their immediate family

When can I cancel?

You can cancel at any time. If you cancel within the first 30 days then you can receive a full refund less a $10 setup fee.

How long do I get benefits?

You receive cash benefits up to a maximum of 120 days. Each day that you are unemployed you will be paid 1/30 of the monthly benefit amount. If you become unemployed and receive cash benefits and find another job then you will be eligible to receive cash benefits if you become unemployed at the new job provided that you have worked at the job for at least 4 months. There is no maximum cap on cash benefits that will be paid out per policy only per occurrence.