Shop around with specialist providers for your mortgage insurance quote
- 14TH NOVEMBER 2007
Mortgage insurance can be a safety net to fall back on in case you should suddenly find yourself without an income after coming out of work due to an accident, sickness or unemployment by such as redundancy but unless you shop around with specialist providers then you are not likely to get the cheapest mortgage insurance quote.
Your mortgage insurance quote can vary greatly depending on where you look for the cover, with the high street lender offering some of the dearest quotes and the independent specialist such as British Insurance saving you around 40% on the premiums in comparison. However there is more to getting the cheapest mortgage insurance quote when it comes to buying the cover, you first have to determine if a policy would be suitable for your circumstances and this can only be done if you read the exclusions.
The exclusions will determine if you would be eligible to claim and the most common include suffering a pre-existing medical condition, being in part time employment, retired or if you are self-employed. These can be found in the small print of a policy and again depending on where you choose to buy your cover will depend on how much information you are given so that you are able to make an informed decision.
Providing the cover is suitable then with ethical British Insurance it would payout once you had been out of work for 30 or more consecutive days and then continue to provide you with an income which would be tax free and enough to pay your mortgage and essential related outgoings such as insurance each month for up to 12 months. You can get policies that extend up to 24 months but some providers ask that you are out of work for anything up to 90 days before they will commence payout.
A cheap mortgage insurance quote from leading specialist British Insurance can give you a safety net on which to bounce if the unexpected should happen and you can be assured they will give you the information needed for you to determine if the cover is suitable for your circumstances before you buy.
