Mortgage payment protection cover can work but it has to be given some very serious consideration as there are exclusions within a policy that could mean you wouldn’t be able to claim. And depending on where you purchase it, it can add thousands onto the cost of your mortgage if you choose wrongly.
When taken out correctly, mortgage payment protection cover could pay out a tax free income each and every month usually starting from your 31st day of being out of work and continuing for up to 12 months (with some providers, for up to 24 months) enabling you to met your mortgage repayments. Mortgage payment protection cover can be taken out to guard against coming out of work due to accident and sickness only, unemployment only or accident, sickness and unemployment together.
Some of the most common exclusions include being self-employed, retired, only in part time work and suffering from a pre-existing medical condition. Of course there are many others and they will vary from provider to provider so it is always essential that you read the small print and key facts of a policy before buying it.
When it comes to the premiums charged this varies too from provider to provider and the cheapest quotes can always be found with a standalone mortgage payment protection cover provider as opposed to the high street lender.
A standalone mortgage payment protection cover provider is usually more ethical than the high street lender and will ensure that you are given all the information needed to make sure you make the best choice when it comes to the product’s suitability. Mortgage payment protection cover can be a valuable product and it doesn’t have to cost a fortune, so shop around, read the small print and choose wisely and you shouldn’t go wrong.