The key to getting cheap mortgage cover
- 2ND DECEMBER 2007
Cheap mortgage cover is possible to find but you do have to shop around for it as opposed to having it included in your mortgage when you take it out with the high street lender. While taking it alongside the mortgage might seem like the easiest option it can add hundreds or even thousands of pounds more onto the cost of the mortgage than it need too if you bought the cover independently from a specialist provider.
Mortgage cover is taken out if you want to insure against finding yourself unable to work sometime in the future due to accident, suffering from an illness or becoming unemployed by way of being made redundant. Cheap mortgage cover is taken out for a fixed monthly premium which is determined by how much your mortgage repayments are each month and your age at the time of taking out the cover. You can also choose between taking out protection to guard against coming out of work due to accident and sickness only, unemployment only or for all three. If you want cheap mortgage cover then you have to choose to take it out with a standalone specialist provider such as the ethical and award-winning British Insurance.
You do have to make sure that a policy would be suitable for your circumstances as there are exclusions which could mean that you might not be able to make a claim. Common reasons include being in part time work, suffering from an ongoing illness, being of retirement age or if you are self-employed but there can be others and you have to read the key facts of the policy before taking out the cover.
Providing it is suitable then cheap mortgage cover can give you an income each month once you have been out of work for a certain period of time. This can be anywhere between the 31st and 90th day after the event and can then continue for between 12 and 24 months depending on the provider.
