If you have mortgage repayments to make each month and are in full time employment then you could consider taking out mortgage protection to safeguard against the possibility that you might find yourself unable to work or should become unemployed. The policy would payout if you should become unemployed by such as redundancy that is no fault of your own or if you should suffer from an illness or accident that meant you lost your income.
Mortgage protection varies depending on where you choose to take it and unfortunately, individuals are often unaware that they do have the option of shopping around for their policy. The high street lender would have you believe that the loan depends on you taking out their policy, this is not true and you do have the option of shopping around independently and comparing quotes.
A quote from specialist British Insurance would give you savings of up to 40% on your mortgage policy in comparison to the quotes that can be given by the high street lender. However far more importantly they give access to the exclusions that are contained in all policies and which could mean you would not be eligible to claim.
Some of the most frequently seen exclusions include working only on a part time basis, if you are self-employed, are retired or if you suffer an illness that is pre-existing when applying. Providers can add-in others so checking the terms and conditions are essential before buying a policy.
Providing mortgage insurance is suitable then it could begin to provide you with an income from between 30 and 90 day of being unemployed or unable to work due to accident or sickness. A policy can then run for between 12 and 24 months depending on the conditions of the provider. With British Insurance, it is from day 31 and up to 12 months and cover is backdated to the first day of becoming unemployed or unfit for work.
British Insurance offers mortgage insurance policies that can be taken out to cover being unable to work through accident and sickness only or for unemployment only or you can choose to take out protection for all three. How much you pay for a policy will be decided on the type of cover that you wish to take out, your age at the time of applying and how much cover you need to take out.
Protecting your mortgage with mortgage protection insurance should be given some very serious thought as while it is not suitable for all, if it is right for your circumstances then it could help you to keep the roof over your head by making sure you can continue meeting your repayments.
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