Mortgage payment protection insurance cover can be worthwhile
- 15TH OCTOBER 2007
Despite the bad publicity that has surrounded the payment protection insurance (PPI) sector, mortgage payment protection insurance cover can be worthwhile taking out. With faith in payment protection products are at an all time low and repossessions on the rise some thought should still be given to how you would continue to meet your monthly mortgage repayments if you were to become out of work after suffering from an accident, sickness or if you were made unemployed.
Mortgage payment protection insurance cover can give you an income each month so that you won’t have to worry about where to find the money to continue paying your mortgage. The pay out is tax free and the sum is determined at the outset of the policy with the premiums being quoted on this and your age at the time of taking the cover. It will begin to pay once you have been out of work for a pre-defined period of time which varies from the 31st day up to the 90th day, and continues for up to 12-24 months.
You do have to check the small print and exclusions within mortgage payment protection insurance cover as this is where you find the reasons which could stop a policy being suitable to your circumstances. Some common reasons include if you are only in part time work, are of retirement age or if you are suffer from an illness or have done within the past 2 years. Of course these are only a few and you do have to compare exclusions just as you do the cost of mortgage payment protection insurance cover.
Mortgage payment protection insurance cover can be taken out alongside the borrowing and unfortunately many homeowners believe this is the only way to take the cover, however a much better way of securing yourself a quality product whilst at the same time saving hundreds of pounds over the course of the mortgage is to buy a policy from independently and from a standalone provider. British Insurance is just one of many specialist providers but they are one of the most ethical. Simon Burgess is Managing Director of the company and is considered to be one of the “good guys” in the sector due to the way that he speaks openly about the high street lender and how they “rip-off” the consumer by putting huge profits ahead of the consumers best interests.
