If you were to come out of work due to having an accident, suffering from sickness or through unemployment then you would still have your mortgage repayments to make. This could add stress and worry at a time when you don’t need it, but if cheap mortgage protection was suitable for your circumstances then it could give you an income which would help to keep the roof over your head.
Mortgage payment protection insurance is taken out to make sure that you would be able to continue repaying your mortgage by giving you a tax free income once you had been out of work for a pre-defined period of time which can be anything between the 31st day of coming out of work to the 90th day. The cover would then continue to pay out for up to 12 months and with some providers for up to 24 months which can give you great peace of mind and security.
Cheap mortgage protection has to be shopped around for as it isn’t suitable for all circumstances and you have to ensure that it would be right for yours before buying. You can find out if a policy would be suitable for your needs by checking out the small print and key facts of the policy. Some of the most common reasons which could stop you from being eligible include only being in part time work, suffering from a pre-existing medical condition or being retired. Of course these can vary between providers and it is essential that you check out policies.
Not only do you have to check out the small print but you also have to check the premiums because these can vary among insurers with the high street lender typically offering the dearest premiums and the specialist providers offering the cheapest. Cheap mortgage protection can help to save the roof over your head but you do have to buy it carefully to ensure that it is suitable for your needs.