Mortgage Protection Cover Can Be A Valuable Product

Mortgage Protection Cover Can Be A Valuable Product



Mortgage Protection Cover Can Be a​ Valuable Product
If you​ have monthly mortgage repayments to​ make and are in​ full time employment the​ you​ should give some serious thought as​ to​ how you​ would continue to​ meet your mortgage repayments if​ you​ were to​ find yourself without an​ income after losing your job due to​ suffering from an​ illness,​ an​ accident or​ unemployment through no fault of​ your own .​
Providing you​ have checked the​ exclusions,​ then mortgage protection cover can be a​ very valuable product to​ have in​ your corner.
Mortgage protection cover can give you​ a​ replacement income with which to​ continue servicing your mortgage debt each month after a​ pre-defined period of​ time of​ being out of​ work .​
The time before the​ policy would begin varies depending on​ the​ provider,​ but as​ a​ general rule it​ is​ between one to​ three months’ after having been continually being out of​ work .​
Once started it​ would then continue to​ give you​ the​ income agreed at​ the​ time of​ taking out the​ policy which would be tax free and last for between 12 and 24 months depending on​ the​ provider - do check the​ terms and conditions of​ the​ policy as​ all differ.
While mortgage protection cover can be a​ very valuable product it​ has to​ be chosen wisely,​ if​ you​ take it​ out alongside your mortgage with the​ high street lender then it​ can cost a​ great deal and you​ could end up buying a​ product which you​ cannot claim against because high street lenders infamously give very little information at​ the​ time of​ selling the​ policy .​
If you​ want the​ security and peace of​ mind that mortgage protection cover can bring them shop with a​ standalone specialist provider for your mortgage protection cover,​ the​ specialist will only deal in​ payment protection products and as​ such can offer their experience in​ selling them which in​ turn allows you​ to​ make an​ informed decision regarding suitability.
Mortgage cover along with the​ rest of​ the​ family of​ payment protection products has gained a​ bad reputation and faith in​ the​ product has been lost which has led to​ a​ decline in​ policies being sold and leaving many homeowners with no back up if​ they should lose their income .​
While it​ is​ true that the​ product has been mis-sold it​ can still help to​ keep the​ roof over your head and provide you​ with an​ income providing you​ have bought your policy sensibly and this means understanding that there are exclusions which can stop you​ from being eligible to​ claim .​
General reasons which could mean a​ policy isn’t in​ your best interests include if​ you​ only work part time,​ are of​ retirement age,​ or​ suffer an​ ongoing illness at​ the​ time of​ taking out the​ cover .​
Mortgage protection cover can be hard to​ understand but hopefully when the​ Financial Services Authority introduce comparison charts in​ March 2008 it​ will open up the​ products and make them easier to​ understand .​
The charts will be based on​ a​ series of​ questions which will go towards determining which policy is​ suitable for your circumstances and will make sure the​ exclusions are highlighted along with giving the​ consumer the​ total cost of​ the​ cover .​
For now a​ specialist’s advice is​ the​ only way to​ determine if​ the​ product is​ suitable for your needs and is​ the​ best way to​ get the​ cheapest quotes for what could be a​ valuable lifeline.




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