Mortgage Protection Cover Can Be Your Lifeline

Mortgage Protection Cover Can Be Your Lifeline
If you​ want a​ lifeline on​ which to​ cling to​ protect against finding yourself out of​ work due to​ having suffered from an​ accident,​ sickness or​ unemployment then you​ should consider taking out mortgage protection cover .​
Mortgage protection cover would,​ if​ it​ suits your circumstances,​ give you​ the​ money to​ carry on​ meeting your mortgage repayments each month and so give you​ peace of​ mind that you​ won’t lose the​ roof over your head.
Mortgage protection cover pays out after you​ have been out of​ work for a​ pre-defined amount of​ time which can range from 31 to​ 90 days and the​ majority of​ policies are backdated to​ the​ day you​ first came out of​ work .​
The policy would then continue to​ provide you​ with peace of​ mind and security for up to​ 12 months and with some providers for up to​ 24 months.
And while the​ cover can be a​ great product if​ it​ is​ suitable for your circumstances it​ unfortunately isn’t suitable for everyone and you​ have to​ make sure you​ would be eligible to​ claim before you​ buy the​ cover .​
Some of​ the​ most common reasons which could mean that you​ wouldn’t be able to​ make a​ claim include if​ you​ are of​ retirement age,​ suffer from a​ pre-existing medical condition or​ only work part time.
Mortgage protection cover can also be very expensive depending on​ where you​ purchase it​ from .​
The high street lender will sell you​ a​ policy alongside your mortgage at​ the​ time of​ taking it​ out but this can boost up your monthly costs considerably .​
Standalone providers will offer much cheaper premiums for the​ cover and along with this give you​ the​ essential advice that you​ need to​ ensure a​ policy would be suitable for your needs.
Mortgage protection cover can be your lifeline and help you​ to​ keep the​ roof over your head but only if​ you​ understand the​ product and what it​ is​ capable of​ doing.

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