If you want a mortgage protection plan that works ensure you understand it
- 13TH NOVEMBER 2007
A mortgage protection plan can do the job it was intended to do providing that you understand the limitations and exclusions within a policy which could mean that the product is not suitable for your circumstances.
Providing you realise there are exclusions which could stop you from being eligible to make a claim then you should consider shopping around with a specialist provider and taking out what could be a safety net.
If you were to come out of work after suffering from an accident, sickness or through unemployment which is caused by no fault of your own such as being made involuntarily redundant, then you would still have to find the money each month with which to carry on meeting your mortgage repayments.
The State cannot be relied upon to take over the full repayment, although you can get help if you qualify the help that is given is very little which means that you could be left struggling.
Providing you read the exclusions in a policy (common ones being if you are only working part time, are self-employed, suffering an ingoing illness or of retirement age) and are sure that you would qualify to make a claim if need be, the cover can be a lifeline.
Premiums for a mortgage protection plan vary so it is essential that you shop around for the cover, some of the cheapest premiums to be found along with good advice is with standalone specialist British Insurance. British Insurance is considered to be one of the “good-guys” in the payment protection sector. They offer a quality mortgage protection plan that can save you up to 40% on your premiums and would begin to provide you with a tax free income once you have been out work for 31 days or more and continue for up to 12 months. You can get a policy that would carry on paying out for up to 24 months with some providers but then you might have to wait as long as 90 days before the cover kicks in.
