Safeguard The Roof Over Our Head With Mortgage Protection Cover

Safeguard The Roof Over Our Head With Mortgage Protection Cover 1

Safeguard the​ Roof Over Our Head With Mortgage Protection Cover
No one can predict what will happen in​ the​ future but at​ least when it​ comes to​ something as​ important as​ the​ roof over your head you​ can safeguard against the​ unknown .​
Mortgage protection cover is​ taken out to​ insure against the​ possibility that sometime in​ the​ future you​ might find yourself having time off work after suffering from an​ accident,​ illness or​ if​ you​ should become unexpectedly redundant.
Suddenly finding yourself without an​ income would mean you​ could be left struggling where to​ find the​ money to​ make your mortgage repayments each month .​
Even if​ you​ have savings these would dwindle rapidly if​ you​ should be out of​ work for any length of​ time,​ you​ cannot rely on​ the​ State to​ step in​ and help as​ the​ help they do give is​ very little .​
Mortgage protection cover could give you​ an​ income which would be tax free once you​ had been out of​ work for a​ specific amount of​ time .​
The waiting period can be anywhere between day 31 and 90 after the​ event and the​ majority of​ good quality policies will be back dated to​ the​ first day of​ coming out of​ work and then continue for between 12 and 24 months .​
While mortgage cover can be a​ safety net on​ which you​ can fall until you​ can get back on​ your feet it​ is​ not suitable for the​ circumstances of​ all,​ there are common exclusions .​
Being retired,​ self-employed,​ suffering a​ pre-existing medical condition or​ only being in​ part time employment would mean a​ policy would not be suitable .​
These are only the​ common and providers can add others in​ so it​ is​ essential that you​ do read the​ small print and terms and conditions of​ the​ policy before buying.
With the​ ongoing investigation into the​ sector by the​ Financial Services Authority and the​ review by the​ Competition Commission,​ faith in​ mortgage protection cover is​ at​ an​ all time low .​
However it​ is​ imperative that you​ do take into account the​ products themselves do work in​ the​ way they were designed,​ it​ is​ those who sell them with no experience that have caused problems .​
The majority of​ policies that are mis-sold have been sold alongside the​ mortgage with the​ high street lender at​ the​ time of​ taking out the​ mortgage .​
While taking the​ cover this way might seen like the​ best option and you​ might have got the​ cheapest rate of​ interest on​ your mortgage the​ premiums for protection will be sky high .​
Along with high premiums often charged,​ the​ high street banks and lenders are well known for giving little information regarding the​ exclusions and key facts which can make buying cover this way very risky .​
a​ far better solution if​ you​ want cheap quality mortgage protection cover is​ to​ buy your cover with an​ independent specialist provider .​
Not only will they offer among the​ cheapest quotes for this invaluable protection but will also make sure the​ consumer gets the​ advice they need and access to​ the​ key facts and exclusions in​ a​ policy.

Safeguard The Roof Over Our Head With Mortgage Protection Cover

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