How can you tell whether the mortgage cover you have is the right policy for you? Does it offer the protection you need? And is it at a realistic price? Whether or not you already have the cover, getting a mortgage protection quote can be a wise decision.
If you already have mortgage payment protection insurance, then you can see whether you are paying over the odds for it.
And if you don’t have the protection, you can see just how cheap the insurance could be – providing you get your quote from a standalone provider rather than the High Street lender.
So what can mortgage payment insurance do? The protection is essentially designed to cover against the common financially-debilitating problems that life can unexpectedly throw at you - against becoming unable to work due to injury and sickness; against involuntary unemployment.
Benefits – in the form of a tax free cash sum – will generally start to be paid out usually between day 30 and 90 of being out of work due to incapacity or involuntarily unemployment.
As when purchasing any financial product, you have to read the terms and conditions of the policy you are considering when getting your mortgage protection quote. This will outline the exact terms of the mortgage cover, costs and any exclusions.
The cover can vary quite wildly depending on where you choose to get the quotes for your mortgage cover. Historically, the high street lenders charge more for the insurance than the standalone providers - in many cases this can cost up to 40% more than had you got a quote from an independent provider, such as British Insurance.
They offer low cost mortgage payment protection insurance cover which regularly scoop awards, so for quality cover that is inexpensive, it could be worth getting your mortgage protection quote from British Insurance.
Related Posts