Mortgage Protection Program?

[Beth35]

I'm a kidney transplant recipient who is now in stage three renal failure again.  My kidney is ten years old and they are giving me another two years if I'm LUCKY.  Well, I've never had much luck in life so I'm starting to think about the big picture now.

Things have changed since I went on dialysis the first time.  I'm now a single mom to two toddlers.  My son is four and my daughter is three.  I adopted them as infants through the foster care system and they are siblings.  I live an hour and a half away from all family and I'm a home owner.  I bought my house two years ago.

I know that I will not be able to work once my kidney fails and I'm on dialysis.  I couldn't work the first time when I was single with no kids so it will be impossible now.  Especially since I'm a teacher and can't miss a lot of work.  I do have disability insurance through my job, so I know I have that.  But that insurance does not cover my full salary.  I also have disability insurance on my car. 

I got a letter in the mail the other day about something called a "Mortgage Protection Program."  It was a blind solicitation but I had never heard of that before.  It states that if you become disabled it would pay your mortgage payments.  Does anyone have this?  Or has anyone heard of this?  I plan to inquire but I thought I would some of you guys first.  I mean, even if it's true, they may not take me now anyway but I thought it wouldn't hurt to try if this was the real deal.

Any advice would be appreciated.

[Zach]

If it sounds too good to be true, it's a scam.

[Beth35]

Yeah, I'm very wary of these things.  That is why I thought I would ask if anyone had heard of it before I call.

[G-Ma]

My sis is an insurance agent/owner and says "yes, there is disability insurance for homeowners".  Check with your insurance agent...usually it is through another company but they will direct you.

[Beth35]

Thanks so much!  I will look into it!

[okarol]

I asked my husband about this. He's an economist/financial advisor. He said that this type of plan probably is basically a life insurance policy. You have to pre-qualify - with a good health record; often they have an exclusion period of a couple years, and if they do end up approving someone with a history of kidney disease, there would be a rider that would exclude any disability as a result. He also said these plans are quite expensive. 

[Beth35]

Thanks for that info okarol.  I kind of figured that I may have a problem even if such a program existed.  With my disability insurance from my job, I could only join during open enrollment when there was no mandatory health screening.  I had to list my kidney issues and I could not collect disability from them due to kidney issues until after a year of being with them.  It has been several years so I'm clear there.

[kitkatz]

I teach school and have for the last ten years I have been on dialysis. I teach middle school 6th and 7th graders special education.  If you need some ideas on how to stay working I have some. Good luck.

[Zach]

States regulate the insurance industry,

Here's just one policy example:
http://www.cumis.com/cumis/freeFormDetail/0,1617,6160,00.html

Group Mortgage Protection - Disability Coverage

Life coverage is a pre-requisite for Disability Coverage
Maximum monthly benefit:  $2,500
Maximum term of benefits:  24 months