You can choose to buy a mortgage insurance policy independently

February 22nd, 2008 in Mortgage Payment Protection Insurance |

The majority of individuals who take on the burden of a large mortgage are totally unaware that a mortgage insurance policy exists. Many are only aware of it when the lender mentions it at the time of borrowing. Protection for your mortgage that is offered this way often can be very expensive and push an already stretched budget over the top. However it can be a safety net if you should find yourself unemployed, should have an accident or suffer illness. In these situations a policy would provide you with an income to continue financing your mortgage repayments.

Rather than take a mortgage insurance policy alongside the mortgage there is another option and this is to shop around for your policy and find the cheapest quote. You should not be fooled into thinking that a policy has to be taken at the same time as borrowing. Your mortgage should not depend on this, however lenders do try to make you believe this is so. By shopping around with an ethical specialist provider such as British Insurance you can save up to 40% on the premiums and get a quality product.

A mortgage insurance policy can begin to provide a tax free income from between 30 and 90 days after the event and can run for between 12 and 24 months. With British Insurance this is from day 30 (backdated to day one of your claim) and lasts for up to 12 months. The quote you are given for protection will be based on the amount your mortgage repayments are and how old you are when applying. The younger generation can take advantage of extremely low premiums based on their age. However everyone can make huge savings while at the same time gaining access to the information needed to make sure they would be able to claim.

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