Mortgage Protection Insurance Cover Is Not Suitable For All Individuals, So Make Sure It Is Right For You

One sure way of getting access to all the information needed to make an informed decision is to get quotes from independent providers. Ethical providers will ensure that the information needed is available to those wishing to purchase cover. The exclusions in a policy vary depending on the provider, but there are some that are often seen in policies. Being of retirement age, suffering a pre-existing medical condition, being self-employed or working only on a part-time basis could mean mortgage cover is not suitable.

While exclusions do exist, even these depend on certain circumstances. For instance, as long as you have not suffered from the illness within the last two years you would be able to claim. The same goes for those individuals who are self-employed and through involuntary unemployment find they have to stop trading. These are just two reasons why going over the terms and conditions with a fine toothcomb is essential.

Those individuals who could benefit from a policy would have peace of mind and the security of an income each month. Being unfit for work due to an accident or illness or becoming unemployed through being made redundant are all covered by mortgage payment cover. Providers offer a policy that will protect your monthly mortgage repayments and allow you to continue meeting them for a premium each month. The premiums will be based on your age when applying and the amount of your monthly mortgage repayments. The tax-free income gained from the premium would begin between 30 to 90 days of being unable to work and would continue for 12 to 24 months, depending on the terms of the policy.

In the past mortgage insurance, along with the family of payment protection policies, has been seen as being poor value for money. The premiums charged for the luxury of having protection can be extremely high. Shopping around will reveal the difference between quotes: it can be as much as 40% when you compare the high street lenders with the best specialist providers. This difference also exists when it comes to getting the information needed to compare protection. Some give very little information, while specialists will give you all the details needed.