Did you shop around for your mortgage insurance policy?
- 21ST SEPTEMBER 2007
Did you shop around for your mortgage insurance policy or did you buy it along side your mortgage from the high street lender?
If you bought your mortgage insurance policy alongside your mortgage from the high street lender as the majority of people do, then unfortunately you probably haven’t got the best deal on your policy. In fact, you could be left holding a policy that you will not be able to make a claim on.
However if you were one of the lucky ones that realised you had options when it came to buying your mortgage insurance policy then you probably shopped around and chose to purchase your policy from an independent and standalone provider such as British Insurance. By purchasing your cover this way you can be assured of getting some of the cheapest premiums for your policy along with also getting the advice you need when it comes to the key facts and exclusions within the cover.
Simon Burgess, Managing Director of British Insurance, is also known as one of the good guys in the sector and has earned this nickname due to his very outspoken ways of protecting the consumer and looking out for their best interests. Simon warns about the high street lender who rips-off the consumer and when you take into account that the high street lender charges around an average of 40% more for the cover than British Insurance do, you have to admit he’s right.
Mortgage insurance, providing it has been taken out correctly, will pay out a tax free income every month to ensure that you are able to meet your mortgage repayments each month if you should find yourself out of work due to accident, sickness or unemployment and could make the difference between you losing the roof over your head and keeping it. It will pay out usually after 30 days and continue to pay out for 12 months and with some providers for 24 months. You can take out a policy to insure against coming out of work through accident and sickness only, unemployment only or for all three.
Shop around and get several quotes from standalone providers for your mortgage insurance policy and take the advice that only a specialist in payment protection is able to give.
