Age rated mortgage protection insurance
- 13TH JUNE 2007
What does it do? The big thing about this cover is that the premiums are ‘age related’ making it cheaper for the younger (well could be up to middle aged) buyer says Simon Burgess, MD of British Insurance.. The cover is for monthly benefits related to your mortgage repayments plus associated insurance costs subject always to some maximum underwriting limits set by the insurers.
The cover follows standard cover and benefits can be paid for a maximum period of 12 months following the insured person being directly unable to work due to accident, sickness or unemployed due to involuntary redundancy.
Why do I need it? For the young this cover is usually much cheaper and often it is the young who are on the lower salary levels and have less financial savings to weather a financial storm. If most of your income is tied up in paying the mortgage then you might not think that you can afford the luxury of mortgage repayment protection. Well think again because this policy may well be just in your price bracket.
Yes we agree that the younger person will be less at risk being more healthy and with more chance of gaining employment if they are made redundant. But that does not mean that you will immune from risk. What better than to find a product which recognises that the risk is less.
Why buy from britishinsurance.com? British Insurance limited is unique in offering the age rated product. It was their hard work that first introduced it into the market place. British Insurance Limited specialise in payment protection insurance and so have an eye out for what represents good value for money. In fact they have been so good that they have won the coveted Mortgage Magazine 2006 ‘Best Insurance Broker’ award. They have also topped ‘which’ best buys with some of their products on offer. You should certainly get a quote and compare it with what else is available in the market place. We think you will be pleasantly surprised.
