Make Sure You Get The Cheapest Mortgage Payment Protection Insurance Policy

Make Sure you​ Get the​ Cheapest Mortgage Payment Protection Insurance Policy
Mortgage payment protection insurance is​ one of​ a​ family of​ payment protection policies that can be taken out to​ safeguard against the​ fact that you​ might find yourself out of​ work due to​ accident,​ prolonged sickness or​ unemployment .​
It can be a​ valuable product but it​ is​ a​ complicated one and one that should be given some serious thought .​
The payment protection sector of​ which mortgage payment protection is​ a​ part has come under fire due to​ wide spread mis-selling and is​ still under review,​ the​ latest to​ be fined by the​ Financial Services Authority was a​ mortgage company and this has done nothing to​ bring the​ faith back to​ the​ sector .​
However providing it​ is​ taken out with understanding it​ can be a​ very valuable product that could make the​ difference between you​ struggling to​ make your mortgage repayments each month and eventually losing your home or​ keeping it .​
When bought correctly and the​ product suits your circumstances mortgage payment protection insurance would give you​ a​ monthly income which would enable you​ to​ continue making your repayments and therefore not have to​ worry about losing your home to​ repossession .​
The insurance would begin to​ payout after you​ have been out of​ work,​ usually for 30 days or​ more and would provide you​ with a​ tax free sum of​ money that would continue to​ pay out for up to​ 12 months and in​ some cases with some policies for up to​ 24 months.
While mortgage payment protection insurance seems like the​ ideal solution,​ it​ is​ a​ lifeline for those who are eligible to​ claim but it’s not a​ product that is​ cut and dry and it​ isn’t suitable for all circumstances .​
There are exclusions in​ a​ policy that could stop you​ from claiming and it​ is​ essential that you​ understand these and are sure that a​ policy would be suitable for you​ and your circumstances.

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