Cheap mortgage insurance could help you in times of financial trouble
- 1ST OCTOBER 2007
If you have mortgage repayments to make each month then you should consider purchasing cheap mortgage insurance. Mortgage payment protection insurance (MPPI) could give you an income with which to continue repaying your mortgage if you should come out of work due to suffering from an accident, sickness or through unemployment of no fault of your own.
If you want cheap mortgage insurance then don’t take the cover that is offered by the high street lender but shop around and choose to take the cover independently.
The cheapest policies and the best advice can be found with specialists in mortgage payment protection and one such specialist payment protection provider is British Insurance. British Insurance can provide you with cheap mortgage insurance, saving you as much as 40% on your mortgage protection along with making sure you understand the exclusions in the small print.
You can have peace of mind after being out of work for a period of time which differs from provider to provider but can be from the 31st day or as long as the 90th day before it kicks in. With British Insurance you get a tax free income from the 31st day of being out of work and the cover would then continue to payout for up to 12 months though some providers extend this to 24 months.
Simon Burgess, Managing Director of British Insurance, urges the consumer to shop around for the cover and to get several quotes before taking out a policy, along with making sure that a policy would be suitable for their circumstances. Some of the common reasons why you might not be able to claim include being in part time work, being retired or if you suffer from a pre-existing medical condition.
Getting cheap mortgage insurance quotes from standalone specialists is the best way to buy what can be essential cover to give you peace of mind that you wouldn’t risk losing your home to repossession but you have to understand its limitations and have access to the key facts and small print before buying.
