Mortgage Insurance Can Be Your Safety Net But Check The Small Print

Mortgage Insurance Can Be Your Safety Net But Check The Small Print

Mortgage Insurance Can Be Your Safety Net But Check the​ Small Print
Mortgage insurance can be a​ very valuable safety net on​ which you​ can fall but in​ order for it​ do the​ job that’s its designed to​ do then you​ have to​ read what is​ in​ the​ small print that comes with a​ policy and decide before purchasing it​ if​ it​ would be in​ your best interests to​ have the​ cover.
It is​ the​ exclusions that you​ have to​ be aware of​ with any type of​ insurance and mortgage insurance is​ no different .​
Some of​ the​ most common reasons that keep people out of​ work are included in​ most policies,​ such as​ back problems and problems relating to​ stress .​
Also if​ you​ are self employed,​ retired or​ suffer from a​ pre-existing medical condition then these are all in​ the​ exclusions too .​
Mortgage insurance - otherwise known as​ mortgage payment protection or​ ASU insurance - will pay out a​ monthly tax free sum of​ money which ensures that you​ can carry on​ meeting your mortgage repayments and don’t have to​ worry about losing the​ roof over your head if​ you​ were to​ lose your income .​
Cover will pay out after you​ have been out of​ work for 30 days and will continue for up to​ 12 months and with some providers for 24 months and you​ have the​ option of​ taking out cover for accident and sickness only,​ unemployment only or​ for accident,​ sickness and unemployment together.
When looking for mortgage insurance the​ best way to​ obtain it​ is​ to​ go to​ a​ standalone provider and let quote you​ the​ cheapest premium available for your policy .​
Historically,​ standalone providers offer much cheaper mortgage insurance cover than their high street counterparts,​ so always shop around for your cover and do not be forced in​ to​ taking a​ policy from your mortgage lender without first investigating your options.

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