Cheap mortgage protection insurance can help you to avoid repossession
- 3RD OCTOBER 2007
If you were to find yourself unable to work due to having an accident, long term sickness or down to unemployment then you would still have to find the money each month with which to pay your mortgage. Cheap mortgage protection insurance can help you to avoid repossession by giving you the income to meet your mortgage repayments and so give you security and peace of mind.
Cheap mortgage protection insurance has to be bought independently if you want to save money whilst at the same time getting quality cover. Although the cover can be bought alongside the mortgage from the high street lender this is the dearest way to buy the cover and it can add thousands more onto the cost of the mortgage than it would do if you had shopped around. An ethical specialist such as British Insurance can help you to make savings of up to 40% on cheap mortgage protection insurance while giving you the advice and information you need to ensure that a policy would be suitable for your circumstances.
Providing that you are in full time employment, are not retired, self-employed or suffer from any illness when claiming you could be eligible to receive a tax free income from a cheap mortgage protection insurance policy each month to ensure that you would be able to continue repaying your mortgage each month. The cover would payout once you have been out of work for 31 days though it can take up to 90 days before the cover kicks in with others, and would then continue to payout for up to 12 months and with some providers 24 months.
Simon Burgess of British Insurance warns the consumer to shop around for cheap mortgage protection insurance and to get several quotes from independent specialist providers before you buy your cover. He urges consumers: “Always read the small print and make sure that the policy would be suitable for your needs.”
