Cheap mortgage payment protection insurance can be found
- 1ST DECEMBER 2007
Providing mortgage payment protection insurance (MPPI) is suitable for your circumstances then without a doubt it can give great peace of mind and an income which you can use to continue meeting your mortgage repayments each month if you were to find yourself out of work due to suffering an accident, an illness or if you should become unemployed through no fault of your own. However the cover can be expensive unless you know where to look as, historically and as the Press regularly highlights, cheap mortgage payment protection insurance can only be found with a specialist provider.
One such protection specialist is the ethical British Insurance; buying mortgage protection from British Insurance can save you around 40% in comparison to buying the protection from the high street lender. While cheap mortgage payment protection insurance can help you to save the roof over your head it is not suitable for everyone’s circumstances. There are exclusions in a policy which means it would not be suitable for every individual. Some of the most common exclusions include if you are only working part time, if you are of retirement age, self-employed or if you suffer from an ongoing illness when taking out the cover.
Once you have checked that a cheap mortgage payment protection insurance policy would be suitable - and British Insurance give all the information needed for you to determine if it would - then it can give you a tax free income once you have been out of work for a pre-defined period of time. In the case of British Insurance, a policy would begin to pay you a tax free lump sum every month from the 31st day of being out of work and would then continue to give you an income for up to 12 months. However some providers ask that you are out of work for anything up to 90 days before you claim, so it is essential that you check out the small print of any mortgage payment protection insurance policy you are intending to buy
.
