Being able to maintain your mortgage repayments each and every month throughout the term of the mortgage is essential. If you cannot and you fall behind even by just a couple of months the lender would want you to agree to pay back what you owe while at the same time still servicing your regular payments. If you have lost your income through redundancy, accident or sickness then this would be probably be impossible and the lender would choose to start court proceedings to take your home. If you had taken out mortgage protection insurance you would not have this worry as you would have an income towards being able to continue meeting your repayments each month.

You would take out mortgage protection insurance (or mortgage payment protection insurance to give it it full name) by insuring up to a pre-agreed sum of your monthly repayment. This sum of money would be given to you as a tax-free income after you became unable to work or become unemployed for the period of time stated in the terms of the policy. You would have to check this as the terms and conditions would vary depending on the provider you chose to take out the cover with.

Ethical payment protection provider British Insurance would supply you with an income after the 30th day of you being unemployed or incapacitated on a continual basis. They would also date back the protection to the first day of your unemployment or incapacity and would then pay you an income each month for 12 months if you needed to claim for that long. After this period of time the cover would simply expire. You have to read the small print of polices offered by other providers as some might ask that you defer from putting in a claim for up to 90 days. You also have to check to see when the protection would continue paying to as some providers might offer a policy that would span 24 months.

British Insurance offer some of the cheapest premiums for mortgage protection insurance and they can offer you cover that would save you as much as 40% on comparison to taking the protection that is offered by the lender when taking on the mortgage. High street lenders charge way over the odds for the protection which helps them to bring in £4 billion in profits. Often along with this very little information is offered regarding exclusions which have to be checked against your lifestyle so that you are sure cover is suitable. British Insurance makes you aware of the exclusions on their website. You can choose to cover your mortgage repayments with British Insurance against accident, sickness and unemployment together, accident and sickness alone or unemployment alone. Their cover is also based on age which allows younger first time buyers who often stretch their budgets to the limit to be able to afford to protect the roof over their head.

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