Mortgage payment insurance can help to keep you in your home
- 22ND OCTOBER 2007
Mortgage payment insurance can help you to keep your home if you should find yourself out of work due to suffering from an accident, an illness or through unemployment such as redundancy. Providing that you would be eligible to claim on it, then a mortgage payment insurance policy would give you an income each month so that you wouldn’t have to worry about where you would find the money to meet your mortgage repayments.
However mortgage payment insurance policies aren’t suitable for all circumstances and you can only determine if it’s right for your needs by reading the small print of the policy and understanding that there are certain conditions which can stop you from claiming. Some of the most common to most mortgage payment insurance policies include if you are in part time employment, suffering from an ongoing illness at the time of taking out the policy or being of retirement age. It is essential that you check for the conditions and exclusions as each provider offer policies that vary as does the cost of the cover
If you go with an ethical and standalone provider such as British Insurance then you will make savings on the mortgage payment insurance cover of up to 40% whilst at the same time getting access to the vital information you need to make sure that a policy would be suitable for your circumstances. Providing that a policy would be suitable then it would begin to payout after a pre-defined period of time which can be between the 31st and 90th day of coming out of work. The majority of policies would then continue to give you a tax free sum of money each month for up to 12 months which keeps the roof over your head while you recover and get back to work.
Mortgage payment insurance can help to keep you in your home and avoid repossession by giving you an income each month but it isn’t suitable for all circumstances and you do have to take the advice of a specialist provider and make sure that it is right for you.
