A mortgage payment protection insurance plan can give peace of mind and security
- 16TH OCTOBER 2007
No one knows what the future holds and when it comes to matters of finance and the roof over your head it is essential that you do everything you possibly can to make sure you guard against the unknown. If you were to find yourself unemployed after being made redundant, suffer an illness or accident that would keep you out of work, then you would have the worry about where to find the money to pay your mortgage each month. Providing your circumstances permit it, a mortgage payment protection insurance plan (MPPI plan) could give you the income, security and peace of mind you need.
A mortgage payment protection insurance plan is best taken out independently from the standalone provider as opposed to taking it out alongside the loan from the high street lender. The high street lender offers cover at the time of taking the borrowing, but the cover is often expensive and very little information is given regarding the exclusions in a policy. Common ones include only working part time, being retired, or if you have suffered an illness within the last 2 years.
The information you need to ensure that a policy would be suitable for your needs is found in the small print of a policy and you have to have access to these and the key facts so that you can make an informed decision over its suitability for your circumstances. A standalone specialist in payment protection will give you this information and will cut out the technical jargon that is so commonly found in a policy. British Insurance are one such specialist provider that stands out from the rest with their years’ of experience and award winning products, they only sell payment protection so as such can pass on their knowledge of the products they sell, which means that you get good advice and can be assured of the policies suitability.
A mortgage payment protection insurance plan from British Insurance will begin to provide you with peace of mind by way of a tax free income from the 31st day of being out of work and would then continue to pay out each month you were out of work up to 12 months. It is essential that you shop around for the best deal and be aware that there are exclusions and some providers will ask that you are out of work for anything up to 90 days before claiming.
