If you take your time and shop around for a mortgage protection quote with independent providers you can generally save a great deal on the premiums for your policy. With some providers you might be eligible to save up to as much as 40% on the cost of your cover. The amount you have to pay in premiums for the cover would be based on your age, the events you protected and the amount of your mortgage repayment you decided you wanted to protect. The amount you could protect would depend on the provider and all will limit this amount. Therefore they would have to agree to your chosen sum. This amount of money would then be yours each month for up to the term if a claim had to be made. When you could make your claim would depend on the provider. With some this could be once the 30th day of unemployment or incapacity has passed or it could be as long as day 90 before you can claim. Just as when you are eligible to claim can differ then so does how long the benefit continues. Your chosen provider might pay out your income over 12 months or they could extend this for up to a maximum of 24 months should you need to keep claiming. However once the term had been reached then benefits would stop even if you were still remain incapacitated or unemployed. As the terms do differ vastly it is essential that you check them before you rush into taking out the cover. Ask yourself how you would manage to maintain your mortgage repayments whilst waiting to claim if you were unable to claim for 90 days. Also consider the fact that if the provider offered a policy that paid out over 24 months it would cost a great deal more than one providing an income for 12 months. To help you to keep down the cost of mortgage cover you could choose what events you need protection for. While you can take out your protection to insure against both redundancy and incapacity together you could choose to tailor the policy. For instance if you have a good employer and can rely on a good sick pay plan you might just take out protection for redundancy on its own. Alternatively you could take out a policy just to protect against incapacity alone. Some generous providers will pay out an income if you should need to become a carer for a loved one. Carer cover means you would not have to get a stranger to come and take care of your family member nor pay out associated costs. If you are a first time home owner then look for a mortgage protection quote that would take age into account. The younger home owner really has to stretch their outgoings each month by repaying their mortgage which means that they have little left over for expensive protection. A provider offering age based cover really throws them a lifeline as they make mortgage protection affordable.