How To Get Unemployment Mortgage Protection (For Real)

The demise of popular supplemental unemployment insurance plans during the current economic meltdown has lead a lot of nervous home owners to search in vain. However, there is still a very credible way to buy unemployment mortgage insurance at least.

Mortgage Protection Added To Homeowners Insurance

Unemployment Mortgage Riders On Home Policies

You can add a rider to a homeowners insurance policy which will make full or partial mortgage payments during unemployment. This feature is not that well know, and not all home insurers off it. It also costs extra since it is an additional option, and it is not standard on most homeowners insurance policies.

How Does Unemployment Mortgage Protection Work?

The actual benefits will vary by policy and insurance company. However, the basics of a plan include paying some, or all, of your mortgage if you suffer an eligible unemployment period. Note that I used the word “eligible”. It is important to read the fine print to make sure you can qualify to make a claim. If you are self employed, etc., you probably cannot meet the standards to collect state job loss benefits, and so you may not qualify under a home insurance rider either!

How Much Does Layoff Protection Cost?

Since this is a rider, and not included in a standard policy, there will be an extra cost. The exact price will be determined by the amount and type of benefits, and of course, the company you purchase it from.

Ask your agent some questions too:

  • Are there waiting period before payments start?
  • How many months will the policy make mortgage payments?
  • How do I qualify to make a claim? I.e what would disqualify me from benefits?

How To Find Unemployment Mortgage Protection Riders

If your current homeowners insurance company does not offer it, is is easy enough to run some online insurance quotes to find a company that can offer this additional benefit.

It is a good idea to run quotes every few months. That is a good way to make sure you are taking advantage of the benefits and prices of one of the very best homeowners insurance companies anyway. Making sure you have affordable rates is a great way to cut your expenses, set aside more money, and help protect yourself from a job loss anyway!

 

Who Cares About Home Policies?

Value A Home Policy

Who cares about home policies?We all should be concerned about our home policies! They can be hard to understand and sort of boring to read.

Also remember a house also exists as a part of family life, and also as a major source of happiness.
The home also one can assume contains everything you own. When a building does all this, doesn’t it make some sense to concern yourself with the way you protect it?
A homeowners policy is typically a bundle of coverage. When you secure your policy, you are in fact buying a variety of different types of coverage.
This makes it more complicated, but it is crucial to figure out the whole package to make sure you are covered correctly.
The right home coverage can make the line that comes between a smll problem and a big one!
You insure the building and other structures on your property. This is probably the most well known part. Your building policy pays to repair or rebuild your home if it gets damaged by something covered by the policy.
If your roof gets broken by high winds or a vandal breaks windows, they will be insured under the building part of the policy.
You may wonder how big of a policy to buy! The price you paid for your home may not be the same as your rebuilding costs would be. A good insurance agent or real estate professional can help you.
Liability should also be included. Ifsomebody thinks that negligence did some harm, he or she may decide to sue you.
Beyond your actual property and liability, you also insure the contents of your home. This coverage is very crucial, but many people overlook it. They underestimate the value of the possessions that they own. But events that could do damage to your actual property are also likely to do damage to the contents of your home.
To figure out the value of these things, make sure you figure out the replacement cost. This is very different from the actual value. You may only be able to sell your bedroom set for $50 at a flea market. But if you had to go out and purchase a new dresser, bed frame, and mattress, you may have to hand over several hundred dollars.
Most of us buy things over the course of years, you might underestimate the value. Taking the time to assess the real replacement value of the things you own, and then making sure you have enough coverage, can save you a lot of money if you ever have to make a claim.
Inventory your expensive things. A good inventory with descriptions and pictures can help a lot. You should keep a copy of this somewhere outside your house too. You could put the document in your safety deposit box. You can even find online home inventory systems that make it simple to make sure the contents of your home is well documented.
Have you considered flood? In the US, most home policy policies do not include weather related flood damage. If your pipe breaks, that is probably covered. But if you suffer damage because of melting snow or a hurricane, that may not be covered. Instead, you need to purchase an another flood insurance policy. These are actually backed by the National Flood Insurance Program. But even though they are backed by the US government, your local agent can probably help you get a policy.
Is your current home insurance policy too expensive? Rather than reducing coverage, you might be wise to increase your accident deductible. A deductible is the amount you pay out of your own pocket before the insurance starts to contribute. The difference in premium between a $500 deductible and a fiteen hundred dollar deductible can be quite a bit. Just figure out that you will have to pay that difference when you do need to make a claim. This works out well for people who are disciplined enough to put some of their savings in the bank for an emergency.
The home policy business is as competitive as any other type of insurance business. You may save money by comparing prices.

Health Insurance Companies NOT To Blame Health Reform!

One concern that may be justified is that health insurance companies may be trying to use health reform as a reason to ask for rate increases. But we have to ask ourself if these claims are even true. According to the Obama administration, the new mandated benefits that will be required should only account for a one to two percent rate increase. But one large California insurance company asked for a 39 percent rate increase, which was, thankfully, turned down!

What Are The New Benefits?

  • Keep kids on parent’s policies until age 26. It is usually about age 24 now.
  • No lifetime limits on medical expenses.
  • No policy termination in the middle of a coverage period unless there was outright fraud on the application.

In our opinion, these are reasonable consumer protection rules, and they were agreed to by large health insurance groups. Apparently they now provide a reason for US insurance providers to increase rates. However, the Obama adminstration has warned the largest health insurance company associations against this practice, and has even warned them that large and unjustified rate increases may keep them out of insurance exchanges!

Learn More: Obama Admin Says Do Not Blame Health Reform

Have You Hit The Gray Wall – Unemployment Over 55?

Unemployment’s Even Worse For Older Workers

As bad as the unemployment figures are for all workers, older ones are getting hit harder. This is not good news when many people in middle age are trying to help kids go to college, save for their retirements, and make sure their affairs are in good order. 

What is causing higher over 55 unemployment?

Many of these older workers bring maturity and years of experience to the table, but still fell like employers are discriminating against them, even unintentionally, because they are older. Some older workers may not be as current with higher tech skills, so a skill update may be in order. With web based courses, it is easy to get fast track job skill training if you think that is a problem with your own resume.

But it may also be that younger bosses are uncomfortable with hiring older subordinates. That’s the feedback we’ve gotten from a lot of frustrated over 50 job seekers at least.

Have you hit the Gray Wall?

 If you would like some company, or even some advice, know that you are not alone! Get more help and resources – Over 55 Unemployment.

Mobile Signing Agents in Houston

Mobile Houston Signing Agents

A mortgage signing agent is a type of specialized notary public who facilitates mortgage loan closings. The professionals transfer documents and gather signatures, and they can make the whole home loan closing process much more convenient and simpler.

We would like to suggest this Houston Mortgage Signing Agent Service. They serve the Houston metro area, and this includes The Woodlands, Cypress, Katy, Fort Bend, and more. They belong to Notary Associations and are also very experienced in mortgage closings.

If you need help getting a loan closed, consider Notary at Your Service in Houston.

Paycheck Guardian is Not Accepting New Applications

I am very sorry to report that Paycheck Guardian is not accepting new application. I regret that the company chose to close business to new members. They have retained all previous members as far as I can see, and continue business as usual with existing business.

Apparently the nation’s financial difficulties made this program tough to keep up. I do not know the whole story, but I’m very sorry to see it go.

Paycheck Guardian Approved States

Where Can You Buy Unemployment Protection?

Paycheck Guardian – the private unemployment and financial protection plan – is for sale in the US for consumers. However, the product must go through a strict approval process by the state regulatory boards and the companies that underwrite it.

 I am publishing the latest list below, but keep in mind, more states can be approved at any time. The system WILL NOT accept applications for unapproved states, so just starting the enrollment process is a good way to check.

These states are NOT active with Paycheck Guardian at this time:

AK, CT, CO, KY, MA, MN, MT, NH, NY, RI, VT, WA, WV

Learn More About Paycheck Guardian Layoff Protection

Frequent Paycheck Guardian Questions

Trying To Answer Frequent Unemployment Protection Questions (Paycheck Guardian)

Since I have been answering phone calls and emails about Paycheck Guardian – The private supplemental layoff protection plan – I thought I would use this space to answer some of the most common questions from consumers. These are questions that come from people all over the US who are concerned about their jobs.

The biggest question is about the 4 month actively at work clause – This means that a member must be at work for 4 months from the time they enroll until the time they are terminated. There is no way around this, and this period is more generous than any of the similar plans I have looked at.

When you buy different types of insurance, they underwrite you. For instance, your premium (and even acceptance) for car insurance will depend upon your age, driving history, the type of car you drive and many other factors. Look at Car Insurance Quotes if you are interested.

But when you buy a guaranteed acceptance product, they use a waiting period instead of qualifying applicants by risk factors. The waiting period and actively at work period here is 4 months.

How To Quote and Enroll in Paycheck Guardian – Simply visit the webiste, and choose one of the plans – bronze, silver, or gold – and click Get Quotes. You will be directed to a page with an “enroll” link. You can simply follow that link to begin enrolling online.

After you enroll, if you have completed it, you will get a verification email. It will take 10 days to 2 weeks to get your membership packet in the mail which will give you the details about the plan. You do have 30 days to cancel your membership with a full refund. After that, you can cancel at any time, but you will not get previous months of payments refunded.

Paycheck Guardian << Visit the website with this link!

What Plans Are Available? The only plans available are the ones on the official website. Right now, there is a bronze, silver, and gold plan. There is a fixed price for these plans which is the same all over the US. Like any other information that you see on the internet, this could change. Always refer to the official website for information about layoff protection.

Who Else Provides Layoff Protection? Not many companies do in the US, even though the product has been in other countries (UK) for a while. I have found some information on similar products at CSI DIRECT and BPAL LAYOFF - but I do not know much about them. I am not saying they are the only plans in the US. I just do not know anything about others. If other plans exist, they seem to keep a low profile. I am only providing links to other layoff protection plans because I get asked about it, and so I am writing all I know right here. :)

It is up to you to do research and make the best decision for yourself, and your family. Good luck!

Suviving A Layoff

Can You Survive Layoffs?

For many American workers, it is not about avoiding an unemployment period. No, it is all about surviing a layoff! Experts weigh in, and here are some of the top tips for you to consider.

  • Layoffs are almost never the employees fault, so you must get over that thought! Most of the time, workers get laid off because there were in the wrong place at the wrong time. Please do not waste time too much time analyzing reasons you got laid off. Just pick yourself up, and move on.You will also need emotional support during this trying time. Do not neglect your family and friends, and this is a great time to have people over for an affordable pot luck meal with TV movies!
  • Examine your income and expenses. How long can you survive without a paycheck?If you have an emergency fund stashed away, good for you! Your challenge will be to list and prioritize your bills. What needs to get paid on time, and what can be delayed. Also decide what you can do without. It is no fund to lower your standard of living, but perhaps gym memberships and dining out can be deferred for a few months.If you have no emergency fund, join the crowd. This is a good time to, not only evaluate your bills, but also figure out how you can raise some cash to pay the highest priority bills, like your mortgage, food, and utilities, until you can make an income again. We have some ideas at Simple Work!
  • Can you keep your health insurance plan? Look into options for unemployment health insurance plans because this is no time to neglect your medical needs. You may have the option of accepting a COBRA extension, or you may need to look into COBRA health insurance alternatives.
  • What do you need to get another job?If you are still at work, make sure you keep all of your contact information someplace where you won’t get locked out if you do lose your job. Your network of business associates and friends are the best place to get a job, and not the huge anonomous job boards.

    Would a little bit of job training make it easier to find a job? Consider a computer or writing class to increase your skills. And even though you may want a permanant job, a temp. job can have some great benefits. For one thing, temp jobs often lead to real job offers! What better way to show an employer and coworkers that you are a great employee than by showing them?

    Even if the job really is temporary, you may develop a variety of skills, and it will look good that you were making a good use of your time, even if you had to accept underemployment.  If your field does not lend itself to temporary jobs, you may be surprised by the variety of freelance jobs you can find! In fact, many people started freelancing during unemployment, and they liked it so much, they forgot to seek a real job!

Paycheck Guardian Review and Update

Paycheck Guardian Unemployment Protection Review

Paycheck Guardian is an affordable membership plan that offers an unemployment benefit to US employees in most states. The plan requires a 4 month “actively at work” period to be completed from the effective date of the policy until termination. In general, a member can qualify for layoff protection if they would qualify for state unemployment benefits, and the benefits are paid in addition to any state unemployment payments.

Paycheck Guardian Updates

As of November 18, 2008, new enrollees will find the plan has been updated. There are now $750, $1,000, and $1,500 levels. Disability and Death benfits have also been added. It is very important for you to view the Paycheck Guardian website for more information.

Members will also still have access to the important legal and credit protection benefits that the previous Paycheck Guardian plan provided.

Update: We found another Paycheck Guardian Review Here.