Mortgage protection insurance cover is still a valuable asset
- 15TH NOVEMBER 2007
Despite the bad publicity that has surrounded the payment protection insurance (PPI) sector, mortgage protection cover is still a very valuable asset to have in your corner if you should come out of work after suffering from an accident, an illness or if you should become involuntarily unemployed.
However the cover isn’t suitable for all individuals so you have to make sure that you read the terms and conditions set out in the policy before you buy your cover. Usual exclusions that can be found in most mortgage payment protection insurance policies include if you are self-employed, retired, only working part time or if you have an ongoing medical condition at the time of taking out the policy. There can be other exclusions which can stop you from making a claim and these are dependant on the provider so it is essential that you read the terms and conditions of a policy before purchasing the cover.
Mortgage protection insurance cover from specialist payment protection provider British Insurance can save you up to 40% in comparison with taking the cover out with the high street lender. Mortgage protection insurance cover with British Insurance can start to provide a tax free income from day 31 of being out of work and would then continue to provide you with the income that means you wouldn’t have to struggle each month or worry about how you would cope financially for up to 12 months – or when you get back to work, whatever is sooner. They are some policies that will offer protection that will carry on paying out for up to 24 months although many state that you are out of work for anywhere up to 90 days before payout begins.
Mortgage protection insurance cover can work but you do have to understand what it is and is not capable of doing and this can only be possible if you take the advice of a specialist such as British Insurance who only sells payment protection products and backs up their products with knowledge and years’ of experience.
