A mortgage insurance policy needs careful consideration
- 14TH NOVEMBER 2007
While a mortgage insurance policy can be a lifeline if it is taken out correctly you do have to make sure that it would be suitable for your needs before you buy the product as a policy is right for all individuals as there are reasons which could mean you would be ineligible to claim.
A mortgage insurance policy has exclusions and some of the most common include being in part time employment, being retired, suffering an ongoing illness at the time of taking out the cover or if you are working for yourself. There can be others and these are defined in the terms and conditions of the mortgage insurance policy so it is essential that you read them and understand them before even considering buying cover.
However if cover is suitable you should then shop around and get several quotes with independent specialists in payment protection insurance. Someone who specialises in the cover can offer the cheapest quotes along with backing up the products they sell with experience and advice. One such specialist British Insurance can offer a mortgage insurance policy that can save you as much as 40% when compared to the high street lender and of course gives all the essential information needed so that you can ensure that the product would be suitable for your needs.
A mortgage insurance policy taken with a specialist provider such as British Insurance will begin to give you an income once you have been out of work continually for 31 days and would then continue to provide a tax free income for up to 12 months although other providers will not begin paying out until up to the 90th day and some policies can continue for up to 24 months.
Premiums do vary from provider to provider so it is essential that you do get several quotes for the cover but British Insurance offer some of the cheapest premiums possible and of course as they are one of the most ethical specialists they make sure that you do get access to the information needed to ensure that a policy is in your best interests before you make the decision to buy.
