Payment insurance can give a financial lifeline
- 27TH DECEMBER 2007
Payment insurance can be taken out in the form of mortgage insurance, loan insurance or income protection and by doing so you can protect your mortgage, general outgoings and loan repayments with a policy. However cover can be expensive and it is not suitable for every individual due to the exclusions in a policy.
Mortgage payment insurance can ensure that if you come out of work after suffering from an illness, an accident or unemployment through no fault of your own you would still have an income to continue repaying your mortgage. Loan protection safeguards your monthly loan repayments with a tax free income and income protection will ensure you can continue paying your essential outgoings.
You do have to shop around for payment insurance to make sure you get the cheapest premiums for the cover and the information needed to determine if a policy would be suitable. Both premiums and terms and conditions of a policy can vary from provider to provider. Typical exclusions to almost every policy includes if you are of retirement age, self-employed, suffer an ongoing illness at the time of going for a policy or you only work part time. There can of course be other exclusions as defined by the provider so checking out the small print is essential when comparing premiums.
Quotes for payment insurance too can vary greatly so getting several quotes from standalone providers is essential. British Insurance offers some of the cheapest quotes. For example, they offer mortgage payment insurance for 40% less and loan payment insurance for up to 80% less than the high street lenders quotes. Along with giving arguably the cheapest payment insurance quotes they also make sure the key facts and exclusions are accessible for taking out a policy which ensures that you can make an informed decision.
