A mortgage insurance plan could help to keep the roof over your head
- 9TH NOVEMBER 2007
If you were to come out of work through suffering an accident, sickness or were to become unemployed then a mortgage insurance plan could help to keep the roof over your head. When bought correctly it could give a tax fee income each month which would be enough to meet your mortgage repayments and associated outgoings such as insurance.
The majority of policies kick in after you have been out of work continually for between 31 and 90 days and would then continue for between 12 and 24 months depending on the provider you took the cover out with. Specialist British Insurance offers a quality mortgage insurance plan that begins from the 31st day, backdated to the first day of your claim, and would pay out if you continued to be out of work for up to 12 months. Along with saving you around 40% on your cover they offer all the essential advice which means you can be sure a policy is suitable for your needs.
A mortgage insurance plan is not suitable for everyone because there are exclusions which could mean that you would not be eligible to make a claim. Some which are usual to most protection insurances include if you are in part time work, suffer from an ongoing illness, if you are retired or are self-employed, of course there can be others and it is essential you read the small print of the policy.
A mortgage insurance plan could mean the difference between you having the money to continue paying your mortgage or losing your home through repossession but faith in the product has dropped unnecessarily which is leaving people without a safety net. The investigation into payment protection and the fact that payment protection has earned a bad name has affected the sales of a mortgage insurance plan but it is important to remember that the products themselves are not to blame but rather the poor selling techniques used by those selling policies.
If you want a mortgage insurance plan that works the way it is designed to do then you have to stick with a specialist payment protection provider such as British Insurance, British Insurance offer free advice which means you are able to determine if the product is suitable for your circumstances and can make you savings of up to 40% on the cost of the cover.
