Mortgage payment insurance cover explained
- 13TH AUGUST 2007
Wouldn’t it be a much better world if the things we didn’t understand were clearly explained to us in plain English so we could then make a more informed decision? When it comes down to our finances then this is even more imperative, especially when you consider it could mean the difference between losing the roof over your head. If you have a mortgage then you need excellent advice when it comes to mortgage payment insurance cover.
Mortgage payment insurance cover is taken out to safeguard against the possibility that should you find yourself involuntarily unemployed, have an accident that keeps you from working or suffer a long term illness, then you will have a fixed, tax-free amount of money coming in each month to cover the repayments on your mortgage and related outgoings. A good policy will pay out for up to 12 months after you have been out of work for 30 days or more and will be backdated to day one.
However mortgage payment insurance cover isn’t the easiest thing to understand, the premiums quoted can vary a lot depending on where you choose to go for it and some consumers don’t even realise they have a choice of shopping around for their mortgage payment insurance cover.
Luckily, there are a few ethical providers out there and British Insurance is one such specialist provider who can help you to make savings of up to 40% on your mortgage payment insurance cover. Along with this they offer clear advice on policies, in plain English which makes it easier to decide if the product is right for your needs.
