Have you considered protecting your home with mortgage protection insurance?
- 18TH SEPTEMBER 2007
If you have a mortgage and are in full time work then it could be worthwhile considering taking out mortgage protection insurance to protect your monthly mortgage repayments each month in case you should find yourself unemployed through redundancy, long term sickness or accident. Providing you look into all the options and exclusions in a policy it could mean the difference between losing your home and keeping it as it enables you to meet your repayments each month.
When bought correctly, mortgage protection insurance will pay out a pre determined amount of money each month once you have been out of work for more than 30 days. The money is tax free and will continue to be paid out for up to 12 months (and with some providers for up to 24 months) which is more than enough time to get back on your feet and back to work.
Mortgage protection insurance policies will protect your mortgage repayments and can be taken out to insure against accident and sickness only, unemployment only or for accident, sickness and unemployment together. You pay a monthly premium for the cover which varies from provider to provider and this is one of the main reasons why you have to shop around for the quotes for the cover. When compared to the high street lender a standalone provider can save you as much as 40% on the premiums if you go with someone such as British Insurance.
British Insurance is one of the leading mortgage protection insurance specialists and as such is able to back up their products with years’ of experience in the sector. The information you need to ensure a policy is right for your needs is clearly laid out with British Insurance because they do away with the technical jargon that is found in policies and which confuses the majority of consumers. You can get peace of mind and protect your mortgage repayments with the cover but it has to be bought carefully to suit your needs.
