Understand the FAQs of mortgage cover
- 21ST SEPTEMBER 2007
Mortgage cover can be a lifeline providing that you know all the facts regarding the product and have ensured that you would be eligible to claim if you were to come out of work due to an accident, sickness or through unemployment such as redundancy.
An ethical standalone provider such a British insurance will make sure that the FAQs are available for you to read and make them easy to understand due to taking the jargon out of them and explaining them in plain English. Along with the FAQs you also have to understand that there are exclusions within a policy that could mean you wouldn’t be eligible to claim. For instance if you have a pre-existing medical condition that caused you to be off work during the period of mortgage cover, then you wouldn’t be able to claim. Those who are retired or part time workers are also ineligible.
Providing you are eligible to claim then mortgage cover would give you peace of mind that if you should come out of work due to long term sickness, accident or unexpected redundancy, you would still have a monthly income with which to repay your mortgage. The cover would start to pay out a tax free monthly income after 30 days and would continue to give you peace of mind for up to 12-24 depending on the insurer.
Buying mortgage cover independently as opposed to taking the cover offered alongside the mortgage is the best way to purchase the cover. By going with a standalone provider such as British Insurance you can be sure that you will get the among the cheapest quotes for the premium and they back this up by giving you an award winning product that comes from years’ of experience.
Your mortgage is your biggest outgoing and of course you should do all you can to protect the roof over your head. The State cannot be relied on to step in and help but British Insurance can providing you understand mortgage cover and ensure you would be eligible to claim.
