A mortgage insurance plan needs consideration before buying
- 20TH DECEMBER 2007
A mortgage insurance plan can be a great safety net on which to fall but it does have to be given some serious thought before you go rushing into buying the cover. There are exclusions which could stop you from being eligible to make a claim and consumers sometimes are not even made aware of them at the time of purchase, thereby rendering their policy useless.
A mortgage insurance plan can help you to continue meeting your mortgage repayments if you should find yourself unable to work after suffering from an accident, illness or unemployment by way of redundancy.
Mortgage cover would usually kick in between the 31st day and the 90th day of being out of work and would then continue to provide you with a tax free income enabling you to service your mortgage debt each month. While many people believe the State would step in and help with your mortgage repayments the help you get, even if you are entitled to receive it, is very little which means you are at risk of losing the roof over your head.
Buying the cover from a standalone provider such as British Insurance enables you to ensure that you get access to the information you need to determine if buying a policy is suitable for your circumstances. Commonplace exclusions include being a part time worker, suffering an ongoing illness, being of retirement age or if you are self-employed. There can be other exclusions so you do have to make sure that you check out the small print and understand the terms and conditions and weigh them against your circumstances.
British Insurance do sell quality products and their award winning mortgage insurance plan can help you to keep the roof over your head but only if you understand what you are buying and have made sure the exclusions mean that you would be ineligible to make a claim.
