A mortgage payment protection insurance plan can protect your financial future
- 9TH NOVEMBER 2007
If you want the peace of mind that a mortgage payment protection insurance plan can give then it is essential that you shop around for the cover with the standalone specialist provider in payment protection when it comes to getting the quotes for the cover and the information needed to ensure that it is suitable for your needs.
A mortgage payment protection insurance plan can start to pay you once you have been out of work due to suffering from an accident, sickness or due to unemployment for between 31 and 90 days, this is dependant on the provider and ethical specialist British Insurance begins to payout once you have been out of work for 31 days. The cover would then continue to provide you with what can be an essential income for up to 12 months and with some providers for up to 24 months.
The tax free income that a mortgage payment protection insurance plan can provide can give security and peace of mind because the State cannot be relied upon to help in your time of need, providing a policy is suitable for your circumstances because there are exclusions which could mean a policy would not be suitable.
Some typical reasons which can stop you from being eligible to make a claim include if you are of retirement age, self-employed, suffering an illness at the time of taking it out or if you only work part time, these and any other exclusions are found in the small print of the policy which must be read.
A mortgage payment protection insurance plan can do the job it is designed to do and it should not be confused with the problems that have surrounded the payment protection sector, it is essential to remember that the products are not at fault but those who sell them. The majority of mis-selling and fines were with the high street lenders who were found to not be giving the consumer the information they needed at the time of taking out the policy, the main problem with the high street lender is that the sell the cover as a sideline alongside other products whereas the specialist provider only sells payment protection products.
By purchasing a policy from a standalone specialist such as British Insurance you are to benefit from the cheapest premiums for the cover along with the essential advice you need to determine if a mortgage payment protection insurance plan is suited to your circumstances.
