Mortgage payment protection not considered to be a top priority by UK homeowners
- 11TH NOVEMBER 2007
Research into mortgage payment protection one year ago revealed that as few as 11% of homeowners in the UK thought that taking out mortgage payment protection was a top priority which could be leaving the rest without any form of insurance to fall back on if they should suddenly find themselves out of work through accident, sickness or unemployment. And with the payment protection insurance (PPI) sector still receiving bad publicity a year later this figure no doubt could have dropped even more.
With less than a quarter of people taking out mortgage payment protection and three times more people insuring the contents of their home it makes you wonder where their priorities lie. Mortgage payment protection can help you to keep the roof over your head if you lose your income, it can stop you from getting into arrears with your mortgage. What is the point of covering the contents of your home if you are not going to take out cover to stop you losing it?
However as with all types of insurance there are small print and exclusions, mortgage payment protection is no exception, but then again home contents insurance is not either. Common exclusions to all payment protection policies include only being in part time employment, being retired, self-employed or if you suffer from an ongoing illness.
Providing you have read the small print and have ensured a mortgage payment protection policy would be suitable for your circumstances then mortgage payment protection can gave you an income once you have been out of work for between 31 and 90 days and would then continue for between 12 and 24 months. Taking the cover from an ethical specialist provider such as British Insurance can help you to get the information you need to determine if a policy is suitable for your needs but they can also help you to save up to 40% on the cover.
