Mortgage protection insurance can help where the State cannot
- 11TH NOVEMBER 2007
Around 4 million homeowners are under the impression that if they should lose their income then their mortgages would be paid by the State; these 4 million could sadly find themselves without a roof over their head if they were to come out of work due to suffering an accident, sickness or through unemployment as the financial assistance that the State gives - providing you are eligible of course - is very little. However providing it suits your circumstances mortgage protection insurance can do the job the State cannot.
One in every twelve people asked thought that the Government would step in while three million were not sure if they would help or if the homeowner would have to find the money. The fact is that the State wouldn’t keep up your mortgage repayments although you could get a little help, the help you could get however wouldn’t necessarily be enough to save you losing your home to repossession.
If you take out a mortgage protection insurance plan with a specialist in payment protection such as British Insurance then you can get a quality policy that does not have to cost an arm and leg for the protection, along with this you can benefit from the experience that a standalone specialist can give which means that you are able to make an informed decision.
Mortgage protection insurance does have exclusions within a policy that mean it might not be suitable for your needs, some of the most common reasons include being in part time employment, being retired, self-employed or if you suffer from an ongoing illness at the time of taking out the policy. However once you know these conditions exist and have deemed a policy in your best interest a policy from British Insurance would begin to payout once you had been out of work for 31 days and continue to give you a tax free income for up to 12 months. Some providers ask that you be out of work for 90 days before payout begins and can continue for up to 24 months.
