Understanding mortgage protection can stop you from being at risk of repossession
- 12TH NOVEMBER 2007
If you understand what mortgage protection can and cannot do then you could decrease your chances of having your home repossessed if you should lose your income, providing the cover is right for your circumstances. Mortgage protection can give you the money each month with which to continue repaying your mortgage if you should find yourself unable to work after suffering from accident, sickness or unemployment which was no fault of your own.
Providing that you have checked out the exclusions in a mortgage protection policy and considered them against your circumstances then a policy could give you a tax free income which would continue paying out for between 12 and 24 months once you have been out of work for between 31 and 90 days depending on the provider.
British Insurance who are one of the most ethical specialists, backed by years' of experience and offering award winning mortgage protection that would begin from the 30th day after the event and continue for 12 months. Along with saving you up to 40% on the premiums they also offer free honest advice and make sure that the consumer is aware of the exclusions which can be found in all policies.
Some of the most common exclusions which British Insurance warn about include being of retirement age, self-employed, having an illness which is ongoing, or if you are only working part time. While other providers may include more it is essential that you check out the small print of any policy you are thinking of purchasing before doing so.
Mortgage protection can be a lifeline but only if you have taken the time to understand the product and be aware that there are reasons which make it unsuitable for all circumstances and you have to ensure it would be right for yours.
