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Mortgage Payment Insurance Can Give You A Safety Net To Fall Back On
By Simon Lance Burgess
If you have monthly mortgage repayments to make and worry how you would keep them up if you were to find yourself unable to work then consider mortgage payment protection. A policy could give you a tax free income after being unable to work for a period of time which would allow you peace of mind and enables you to continue financing your mortgage.
The majority of policies would being to provide you with the much needed sum of money between 30 and 90 days of being out of work. Once a policy has begun to pay the benefit then it could continue to do so for between 12 and 24 months. This would enable the policy holder to rest and recover without worry, which can greatly speed up the recovery process. In the case of involuntary redundancy, it allows the individual to search for work.
While mortgage payment protection can be a safety net it is not a suitable product for all circumstances. This is because there are exclusions with some being frequent to all policies and others put in by the particular provider. Being retired, suffering an ongoing illness, if you are in self-employment or working on a part time basis means that cover might not be suitable. That is why it is imperative that you check the individual policy terms and conditions, because they can vary considerably.
Mis-selling of protection insurance has occurred in the past half of the 20 million UK policies that have been bought could have been mis-sold. However, this invaluable cover can work the way it is designed to do providing you have got the information needed. It is not the product which is at fault; it is the sloppy sales practices used by some of the companies that sell the insurance.
The terms and conditions will also tell you when cover starts and would end and if you go with an independent specialist provider you can be sure of getting this information. Mortgage payment protection is usually offered when you take out borrowing. However the high street lender can charge extortionate premiums for a policy in comparison to specialist providers. It is thought that around £4 billion is brought in each year by the high street lenders in profits alone. The independent body the Competition Commission - who are currently reviewing the sector - have announced that they will use their powers to make the high street lender open their books and show the actual profits made.
If you want mortgage payment protection and the security it can give, then learning all you can about a policy before taking it on is essential. Of course while you can benefit from the tax free income it gives you do have to consider that the majority of mortgages are taken out for around 15 to 20 years and of course cover would only last for at the most 24 months. If in doubt about the protection then you can benefit from the free advice that a specialist provides. There are other types of insurance you can take out and you might be able to benefit from these too.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage payment protection, loan protection insurance and income protection insurance.
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