Cheap mortgage payment insurance isn’t offered by the high street lender
- 6TH SEPTEMBER 2007
The majority of mortgage payment insurance is sold at the time of buying the mortgage from the high street lender, with very little information being given regarding the key facts that are in a policy or the information you need to make sure that a policy would be suitable for your needs. Along with this the premiums that are quoted for the insurance is extortionate when compared to the standalone provider. In a nutshell, cheap mortgage payment insurance cannot be found with the high street lender.
Cheap mortgage payment insurance is taken out to make sure that if you come out of work through accident, sickness or through unemployment such as redundancy you would have an income which would ensure that you would be able to repay your mortgage repayments each month.
A policy would kick in after you have been out of work usually for 30 days or more and would provide you with a tax free income if you were to come out of work due to accident, sickness or unemployment. A policy can be taken out to cover all three or you can choose to take out a policy to cover you against accident and sickness only or unemployment only. Most polices will continue to provide you with an income for up to 12 months and with some providers for up to 24 months.
If a policy suits your needs then it can make the difference between losing the roof over your head or keeping it. The State does very little to help if you come out of work even if you would qualify for help. You do however have to make sure that a mortgage payment protection insurance policy would be in your best interests as there are many exclusions which could mean that you could be ineligible to claim, with some of the most common reasons being if you are self employed, retired or only work part time.
Buying cheap mortgage payment insurance from a standalone provider not only ensures that you get the cheapest premiums but also the best advice. British Insurance are one such standalone provider who makes the information you need available in plain English along with making the consumer aware that the product does have exclusions.
