Mortgage payment insurance cover could give you a replacement income
- 11TH OCTOBER 2007
If you worry about how you would pay your mortgage each month if you should come out of work after having an accident, suffering from prolonged illness or due to involuntary redundancy, then mortgage payment insurance cover could give you a replacement income which would ease the worry considerably.
You do however have to make sure that a policy would be suitable for your needs as, with all insurances, mortgage payment insurance cover isn’t suitable for all circumstances. Some of the common reasons which keeps people from being eligible to make a claim include if you only work part time, are retired, or if you suffer from a pre-existing medical condition at the time of purchasing the mortgage payment insurance cover. These of course are just a few of the many reasons and you have to check the exclusions just as you would compare the premiums for the cover.
A standalone provider of mortgage payment insurance cover will not only offer you some of the cheapest premiums for mortgage payment insurance cover but will also make sure that you have access to the vital information and the exclusions which can stop you from claiming on a policy.
Providing that the mortgage payment insurance cover is suited to your circumstances then the cover would give you the money you need to make sure that you can carry on meeting your mortgage repayments each month and would kick in after the 31st day of being out of work with specialist mortgage payment insurance cover provider British Insurance. However some policies don’t start to payout until up to the 90th day of being out of work and then continue to payout between 12 months and with some providers for up to 24 months.
A specialist in mortgage payment insurance cover such as British Insurance can save you up to 40% on the premiums for the cover along with giving you advice and access to the information needed to ensure that a policy would be suitable for your needs.
