Compare a mortgage insurance quote online
Being able to compare a mortgage insurance quote online is one of the quickest and easiest ways of finding cheap protection. If you choose to get a quote to cover the repayments of your mortgage with British Insurance then you will be able to save as much as 40% on the cost of the policy. Premiums with British Insurance are based on the amount you cover, age and the level of mortgage protection you choose to take out.
You would take out the policy by insuring up to a certain amount of your monthly mortgage payment. This amount would be pre-agreed when you take out the insurance and it would be paid back to you if and when you claimed on the policy. This income would bring enormous relief as it would be used towards keeping on top of your mortgage repayments and not having to worry about falling into arrears. The protection you take out will cover you against the possibility that you might suffer an accident, fall sick or be made redundant. However if you choose to you can just take out cover for unemployment only or for incapacity only and by tailoring the level of cover you can help to keep down the mortgage insurance quote.
If you check the terms and conditions of the cover with British Insurance you would find that they will payout on the policy after the 30th day of you being unemployed or incapacitated. They would also back pay on the protection to day one of you being unemployed or unfit for work and would then continue to provide you with an income for up to as long as the 12th month. Some providers state in their terms and conditions that you have to have been unemployed or incapacitated for a period of no less than 90 days before you are able to put in a claim. The terms will also reveal that some providers can also extend the period of payments for up to 24 months.
You would also have to check the terms for exclusions that can apply when getting a mortgage insurance quote with any provider. British Insurance adds in just the most frequently found exclusions while others can add in many more and it is imperative that these are checked against your circumstances if you are to be sure of being eligible to put in a claim. However ethical providers such as British Insurance would make this information available on their website so that you would be able to check them before taking on the protection.
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For many years I have been a staunch campaigner against the major names in finance who, I believe, rip-off their customers by selling over priced, often unsuitable payment protection insurance (PPI) cover.
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