Study Uk Mortgage Protection Insurance

Study UK Mortgage Protection Insurance
When it​ comes to​ taking out UK mortgage protection insurance then you​ have to​ study it​ very carefully if​ you​ want to​ ensure that it​ will do the​ jobs it’s intended to​ do otherwise you​ could not only waste your money on​ a​ policy that is​ not worth the​ paper it​ is​ written on,​ but will be putting your home at​ risk if​ you​ cannot afford to​ meet your monthly mortgage repayments.
When taken out correctly UK mortgage protection insurance can give you​ a​ monthly tax free income with which to​ continue paying your mortgage for up to​ 12 months and with some providers for up to​ 24 months .​
The policy will begin to​ pay out once you​ have been out of​ work usually for a​ period of​ at​ least 30 consecutive days and you​ can choose to​ cover against coming out of​ work due to​ accident and sickness only,​ unemployment only or​ for accident,​ sickness and unemployment together.
The key facts and exclusions which exist in​ all policies however mean that a​ UK mortgage protection insurance policy isn’t suitable for everyone .​
These include some of​ the​ most common reasons which keeps people from work such as​ back problems and stress related illness,​ which most providers will not cover you​ for .​
The exclusions which are also common in​ policies include only being in​ part time work,​ being self-employed,​ retired or​ suffering from a​ pre-existing medical condition at​ the​ time or​ purchasing a​ policy.
You also have to​ be aware that the​ premiums charged for UK mortgage protection insurance also vary greatly from provider to​ provider and some of​ the​ premiums can be extortionate .​
For this reason it​ is​ essential that you​ get several quotes and so do shop around among the​ standalone providers who are much cheaper than their high street counterparts.
UK mortgage protection insurance can be a​ great product and it​ can do the​ job it’s intended to​ do but you​ have to​ ensure that you​ read the​ small print and understand the​ product you​ are purchasing before you​ buy.

You Might Also Like:

Powered by Blogger.