By choosing where to take out your mortgage protection as opposed to adding it in with the borrowing can save you an enormous amount of money. In some cases a mortgage protection quote taken this way can save you as much as 40 in comparison to the high street lenders. You also have the advantage of being given all the information needed to determine if cover is suitable.
While of course one of the main factors to take into account is how much you will have to payout in premiums there are many more considerations that go towards getting the best deal. You will need to check exclusions and these can very depending on the provider. An ethical provider will give you the best deal by just adding the basic exclusions. Once you have determined that a policy is suitable you then have something to rely on and fall back on should you become unemployed or incapacitated.
With no one knowing when they could fall sick of suffer an accident that meant they had to take time off and be unable to work, covering your mortgage repayments needs to be given some thought. Your mortgage is of course your biggest outgoing and it would take a huge chunk out of any money you did have coming into the house. It is essential to keep up with the repayment and this is where a mortgage payment protection policy would come in very handy.
Of course you could consider what other options you have if you were to lose your income. You could choose to use any savings you have or maybe apply for State benefits. State benefits could be applied for and you may be entitled to receive them. However they would only pay up to so much and this would only be towards the interest part of your mortgage. You could also be waiting up to several months for the benefit to begin providing for you and during this time you could get into arrears. If you get into arrears then of course you are at risk of losing the roof over your head to repossession by the lender. A single missed payment means you have broken the mortgage agreement and would be noted on your credit file.
To be able to benefit from a policy you would have to be unable to work or become unemployed for a certain period of time. Usually this time period would be in the region of 30 to 90 days and then you would be allowed to put in a claim. Your benefit could be backdated to day one of you being unable to work or of being incapacitated. Once it has started to provide for you it would continue to pay for a period of time and then it would cease, this is usually between 12 months and 24 months. During this time you would have the peace of mind and security of a tax free income which would allow you concentrate on getting well and back to work of gives you time to search for suitable work. A cheap mortgage protection quote can be a great safety net which keeps you afloat.
Author Resource:-
Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.
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