Choose your mortgage payment protection carefully and be aware of exclusions
- 18TH SEPTEMBER 2007
The exclusions in a policy are what cause the biggest problems with mortgage payment protection often due to the lack of information that is made available to the consumer at the time of taking of the policy. It is because of this that you have to choose your mortgage payment protection very carefully and ensure that you fully understand the product.
The most common exclusions in a mortgage payment protection policy include having a pre-existing medical condition, being self-employed, only working part time and some of the most common problems that keep people from working such as back problems and stress related illness. There are of course many others and these do vary slightly from provider to provider and they could mean that you wouldn’t be eligible to claim against the policy in your time of need.
Mortgage payment protection is essentially an insurance policy taken out in case you should find yourself unable to work due to having an accident, suffering an illness or becoming unemployed through as redundancy. Providing you are sure a policy is suitable for your needs then it would begin paying out a fixed sum of money each month which is tax free and which ensures that you don’t have to worry about finding the money to keep the roof over your head if you should be unable to work.
The majority of mortgage payment protection policies will pay out for up 12 months and with some providers for up to 24 months and you can choose to insure against accident and sickness only, unemployment only or guard against all three.
Simon Burgess who is Managing Director of payment protection insurance provider specialists British Insurance is always standing up and speaking out about how the high street lender rips-off the consumer with high premiums and lack of information which leads to the consumer being unaware of the exclusions and so buying a policy that is not suitable and which cannot be claimed on.
Buying your mortgage payment protection insurance from such a standalone and ethical provider as British Insurance is the best way to purchase the cover as not only will you get the cheapest premiums but also the vital information needed to ensure a policy is suitable for your needs and the exclusions don’t stop you from claiming.
