If you want the best and cheapest mortgage protection insurance then you have to choose to buy your mortgage payment protection from a standalone specialist as opposed to taking what seems to be the easiest option and purchasing the cover out alongside the mortgage with the high street lender at the time of getting your mortgage.
While it might seem like the best way to purchase the cover, it isn’t. In the majority of cases the premiums that high street lenders charge are extortionate and the cover is of a lower quality than that which is offered by the standalone specialist provider. In some cases you could save hundreds or even thousands of pounds on the cover simply by going with a specialist in payment protection and of course as they specialise in the products they sell, they have knowledge and can pass this onto the consumer so that they are able to determine if the policy is suitable for their circumstances.
While mortgage protection insurance can be a safety net it isn’t suitable for everyone and there are reasons which mean that you might not be eligible to make a claim so it wouldn’t be in your best interests to take it out. Reasons which can stop you from being eligible to claim include if you only work part time, are ill at the time of taking out the policy from an ongoing illness or if you are self-employed. While these are common reasons policies differ with the exclusions within them and it is essential that you read the small print of any policy you are considering.
Providing the cover is suitable then it would begin to give you a tax free income so that you can comfortably repay your mortgage if you should come out of work through unemployment caused by such as redundancy, suffer from an accident or sickness. There is a waiting period which is a certain amount of time that you have to be off work continually and this is usually between 31 and 90 days but once the cover has started to pay out it would continue to do so for between 12 and 24 months depending on the provider. With your mortgage being your biggest outlay each month and being able to repay it essential if you want to ensure that you aren’t at risk of getting into arrears and having your home repossessed, it is essential that you do give serious thought to how you would continue repaying your mortgage if you were to come out of work for any length of time.
Cheap mortgage protection insurance can be found with a specialist provider and for those who qualify for a policy it is one of the best ways of giving yourself peace of mind and security in a world where nothing is certain. Always check the small print and read the key facts that all specialists in payment protection will make available to you and mortgage protection will do the job it’s supposed to do.