Don’t risk losing your home, consider a mortgage insurance plan
- 16TH SEPTEMBER 2007
Any homeowner should give some serious consideration into taking out a mortgage insurance plan to cover their monthly mortgage repayments in case they should come out of work due to suffering an accident, sickness or unemployment such as redundancy.
If you think that the State would step in and lend a helping hand if you were to come out of work then you would probably be in for a shock and could be risking losing the roof over your head. The State does offer help but only very little and a much better way to protect the roof over your head is by looking into whether a mortgage insurance plan would work for you.
If a plan is suitable for your circumstances then it could provide you with a tax free monthly income with which to pay your mortgage each month and would begin after you had been out of work usually after 30 days or more. It would then continue to give you an income for, in the majority of cases, 12 months although some providers will extend this to 24 months. You can take out a mortgage insurance plan to cover against coming out of work through accident and sickness only, unemployment only or to safeguard against all three.
When looking for a mortgage insurance plan get as many quotes as possible from standalone providers. One such provider who can provide you with all the information you need to ensure that a policy would be suitable for your needs is British Insurance. There are many exclusions within all policies and these could mean that a policy might not be suitable for your needs; some of the most common are if you self-employed, retired or suffer from a pre-existing medical condition.
British Insurance outline the exclusions and key facts within a mortgage insurance plan by explaining them in plain English this is one of the reasons why they have earned the nickname the “good-guys” in the sector. Along with this their products have won best-buy awards and have been seen on TV and featured in national newspapers, if you want the best insurance plan for the lowest premiums then get a British Insurance quote.
