Go to standalone providers for cheap mortgage payment insurance
- 3RD OCTOBER 2007
You can take the mortgage protection cover that is offered alongside your mortgage from the high street lender but be aware that you will more often than not pay over the odds for the cover along with getting very little information regarding the key facts and exclusions which are in all payment protection policies. If you want cheap mortgage payment insurance then you have to get quotes from standalone providers.
Mortgage payment protection insurance (MPPI) is an insurance you can take out for a premium each month which is determined on factors such as your age at the time of taking out your policy and the amount your mortgage repayments are each month. The cover will give you a tax free income each month with which to continue meeting your mortgage repayments so that you can make sure you don’t get behind on your mortgage repayments and risk losing your home to repossession.
Cheap mortgage payment insurance would begin to payout once you have been out of work for a pre-defined period of time which can be from 31 to 90 days and would then continue to payout for up to 12 months and with some providers for up to 24 months.
However Managing Director of one of the most ethical standalone specialists, Simon Burgess, is always stressing that you have to shop around for the cover if you want payment protection insurance. he warns consumers to: “ be aware of the exclusions that exist in all policies. British Insurance offer quality products and can save you around 40% on mortgage payment insurance while giving you the advice and information you need to make sure that the product would be suitable for your circumstances.
“Some of the most common exclusions in a policy are if you only work part time, are of retirement age, or suffer from a pre-existing medical condition at the time of taking out the policy. “
British Insurance only sells cheap mortgage payment insurance products and as such they know their products and back them up with years of experience. If you want cheap mortgage payment insurance then avoid taking the cover offered alongside the mortgage and instead go independently for the cover with specialists.
