A mortgage payment protection insurance policy could save your home
- 20TH DECEMBER 2007
A mortgage payment protection insurance policy could save the roof over your head if you should find yourself out of work after suffering from an accident, sickness or unemployment which is no fault of your own. However there are exclusions which could mean that you might be ineligible to make a claim so it is essential that you check them out before buying a policy.
Typical exclusions in a policy include being retired, suffering an illness which is ongoing, self-employed or if you only work in a part time position. Of course these are only the common exclusions and providers could add more.
However, if you are eligible to take out a policy, then your mortgage payment protection insurance policy could mean the difference between you losing the roof over your head or keeping it. Sadly, the State cannot be relied upon to help if you should lose your income as any financial assistance they give is nominal.
A mortgage payment protection insurance policy from standalone specialist British Insurance is the cheapest way to buy the cover. The policy would kick in once you had been out of work for at least 30 days and would then continue to give you a tax free income once you have been out of work for up to 12 months. Other providers can offer slightly different conditions in their policy so you have to check them out as some will not begin paying out until day 90 and then could continue for up to 24 months.
One of the many problems surrounding payment protection is the high premiums that are often charged for the cover and especially so when the cover is taken with the high street lender at the time of purchasing a mortgage. A mortgage payment protection insurance policy from ethical British Insurance can save you up to 40% on the cost in comparison to high street lenders.
