Shop around for your mortgage insurance quote
- 21ST SEPTEMBER 2007
Mortgage insurance is very often sold along with the mortgage with some providers leading the consumers into thinking that the cover is compulsory and has to be taken out at the time of buying the mortgage. However this is untrue and if you want to buy the peace of mind that mortgage insurance can bring then it is essential that you buy the cover independently and shop around for a mortgage insurance quote from standalone providers.
A mortgage insurance policy (or ASU insurance as it is sometimes called) is taken out if you have monthly mortgage repayments to meet and are considering the possibility of what would happen if you were to come out of work due to an accident, sickness or through redundancy. The cover would provide protection and give you a monthly tax free income after you had been out of work usually for 30 days or more and continue for up to 12 months (and with some insurers, for up to 24 months).
Historically, a standalone and ethical payment protection provider will always offer the cheapest mortgage insurance quote for the protection and the high street lender on the higher end of the scale. Standalone provider British Insurance, for example, can help you to make huge savings on the policy when compared to the high street lender and this is something which Managing Director of the company, Simon Burgess is always highlighting. Simon is very outspoken about the fact that the high street lender very often rips off the consumer in favour of making huge profits. Along with charging some of the highest mortgage insurance quotes, they often give very little information regarding the products exclusions which has left many unable to claim successfully on their policy.
Simon insists that consumers should shop around for the cheapest premiums for their mortgage insurance quote along with ensuring that they understand the product and the exclusions within a policy and that they realise that the cover isn’t suitable for all circumstances.
