Mortgage Payment Protection Insurance Could Be Your Lifeline

Mortgage Payment Protection Insurance Could Be Your Lifeline



Mortgage Payment Protection Insurance Could Be Your Lifeline
If you​ were to​ find yourself out of​ work after suffering from an​ accident,​ were to​ become ill or​ become unemployed then life could get extremely hard and you​ could be at​ risk of​ losing your home if​ you​ cannot keep up with the​ mortgage repayments .​
However,​ the​ solution to​ this financial nightmare is​ mortgage payment protection insurance.
Regardless of​ your circumstances your mortgage would still have to​ be paid and if​ you​ had checked a​ mortgage payment protection insurance policy against your circumstances and found it​ suitable,​ then you​ would not have to​ worry .​
Once you​ had been out of​ work for between 31 to​ 90 days depending on​ the​ provider you​ would receive an​ income which would allow you​ to​ continue repaying your mortgage .​
The money would be tax free and would then continue paying out each month for between 12 and 24 months depending on​ the​ provider.
However you​ do have to​ check that a​ policy would be suitable and you​ would be eligible to​ claim because there are exclusions which could mean a​ policy would be useless in​ your circumstances .​
If you​ only work part time,​ suffer a​ pre-existing medical condition,​ are retired or​ self-employed then a​ policy would not be in​ your best interest .​
Providers can add in​ other exclusions so it​ is​ essential to​ read the​ small print and compare the​ exclusions in​ the​ policy at​ the​ same time as​ comparing the​ small print .​
a​ quality policy would have no excess and very few exclusions whilst being affordable,​ it​ should also come with the​ terms and conditions including the​ exclusions clearly explained in​ plain English.
An independent specialist provider will always offer the​ cheapest quotes for the​ premiums along with the​ best advice and all the​ information needed for you​ to​ be able to​ make an​ informed decision regarding the​ suitability of​ the​ product .​
Mortgage payment protection insurance can be hard to​ understand so it​ is​ imperative that you​ do choose to​ take the​ cover out with a​ specialist and not have it​ included into the​ cost of​ the​ mortgage at​ the​ time of​ taking the​ mortgage out .​
High street lenders give very little advice regarding the​ exclusions and terms and conditions which has accounted for the​ majority of​ mis-selling and the​ product earning a​ bad reputation.
Mortgage payment protection insurance should become more transparent in​ March 2008 with the​ introduction of​ comparison tables .​
The tables will show how much the​ cover will cost in​ total along with the​ exclusions in​ a​ policy and through a​ series of​ questions which the​ consumer answers,​ they will be able to​ determine which if​ any of​ the​ payment protection policies are most suitable .​
The cover can work the​ way it​ was designed to​ work but you​ do have to​ take the​ time to​ read the​ exclusions and determine for yourself if​ mortgage cover is​ the​ right choice for your circumstances .​
Mis-selling of​ policies is​ only done through ignorance of​ the​ product and it​ is​ no the​ actual policy itself that is​ to​ blame.




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