Mortgage payment insurance cover not at top of homeowners' most wanted list
- 13TH NOVEMBER 2007
With research last year showing that only 11% of homeowners in the UK think that taking out mortgage payment insurance cover is essential the product is clearly not at the top of the homeowners most wanted list. Yet with repossessions on the rise it should be considered as it can help you to keep your home and not lose it due to becoming in arrears.
Ahead of mortgage payment insurance cover in the eyes of the majority of homeowners are home contents insurance, travel insurance and life insurance which are leaving many homeowners without a backup plan on which to fall if they should become unemployed, be out of work after suffering an accident or become sick.
While mortgage payment insurance cover is not suitable for all providing it suits your circumstances then it could begin to give a tax free payout once you have been out of work for between 31 and 90 days, with ethical specialist British Insurance this is usually from the 31st day and would then carry on paying out up to 12 months. However some providers can continue paying out for up to 24 months so it is essential you shop around and read the terms and conditions of any policy you are considering taking out.
There are reasons which are highlighted as exclusions in a policy that could stop you from claiming against it and so it would not be in your better interest. Common reasons include if you have an ongoing illness, are retired, self-employed or if you are only in part time work, there can be others dependant on the provider so always read them and make sure a policy would be suitable for your needs.
British Insurance are one of the most ethical providers who make sure you are able to make an informed decision regarding the suitability of mortgage payment insurance cover by providing you with the essential information needed. Along with this they offer mortgage cover will some of the lowest premiums to be found which can save you up to 40% when compared to the high street lender.
