Providing that you have read the terms and conditions of a policy then mortgage payment protection cover can work and do the job its designed to do which is give you a tax free income with which to carry on meeting your mortgage repayments each month if you should come out of work due to suffering from an accident, long term sickness or through involuntary redundancy.
Should you lose your monthly income, the State cannot be relied upon to provide you with the income to carry on repaying your mortgage; they do give help but the financial assistance they give is very little even if you do qualify. Mortgage payment protection cover can be a better way of having peace of mind but it isn’t without limitations though as there are exclusions which determine if the cover would be suitable for your circumstances. Usual exclusions include only working part time, being retired, r if you have suffered from an illness during the last 2 years and at the time of taking out the policy.
The mortgage payment protection cover would begin to payout once you had been out of work for a period of time which is stated at the outset of the policy and can be anywhere between the 31st day of being out of work continually right up to 90 days of being out of work. However the majority of providers will backdate the policy to the first day of you coming out of work which ensures that you don’t lose out and would then continue to give you peace of mind for up to 12 months and some providers extend this to 24 months.
Mortgage payment protection cover can be an expensive addition to an already over stretched budget but it doesn’t have to be if you go with a standalone specialist for the cover. Historically, the specialist provider will always give the best deal on mortgage payment protection cover and this could save you literally thousands of pounds hundreds on the total cost of this invaluable protection.