If you want cheap mortgage payment protection insurance then you have to realise that you have the option of shopping around for it and to buy it independently from a specialist in mortgage payment protection. Currently the majority of mortgage protection policies that are sold are sold alongside the mortgage at the time the mortgage is taken out, this means that they are probably paying well over the odds for the cover.
Mortgage payment protection insurance (MPPI) can be a lifeline but it can only do the job its designed to do if it meets your circumstances and you can only determine this if you understand the product and what it can and cannot do, right now policies are confusing to the majority of consumers but soon this is to change with the introduction of comparison charts in March 2008.
The charts will give the information needed to ensure that the consumer is making the right choice, the information is based on a series of questions asked at the start and from here you will be able to decide which product is the best for your needs. Along with this it will highlight how much the cover will cost and the exclusions which could mean the cheap mortgage payment protection insurance isn’t suitable for your needs.
Until and even after the introduction of the charts it is essential that you shop around for the cover with the help of a specialist, a specialist will make sure they give you the information you need to determine if a policy is suitable for your needs along with giving the cheapest quotes which can save you a great deal when compared to high street lenders. Cheap mortgage payment protection insurance can be found cheaply but only if you choose to buy it independently and not from the mortgage provider, a standalone specialist will always be able to secure the cheapest monthly premiums for you.
When bought to suit your circumstances mortgage payment protection insurance can provide you with an income each month to make sure that you can continue repaying your mortgage if you should have to be off work after suffering from an illness, an accident or if you find yourself unemployed. Protection would begin to payout between the 31st and 90th day depending on the policy and would continue to give you a tax free income which would cover your mortgage repayments for up to 12 months and with some policies for up to 24 months. You do however have to check to make sure that the exclusions in the small print don’t stop you from being eligible to claim before buying the policy.
The exclusions can differ in cheap mortgage payment protection insurance policies however some are common and these include if you are only in part time work if you have an ongoing medical problem, if you are of retirement age or self-employed. The exclusions are found in the small print of the policy and they should be made clear at the time of buying the policy, an ethical provider will give you the key facts which make it easier to determine if a policy is suitable for your circumstances and it is essential that you read these.