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Double Check a Mortgage Protection Policy to Ensure its Suitability
By Simon Lance Burgess
It is absolutely essential that you double check a mortgage protection insurance policy before taking it out if you wish to be certain that you would be eligible to claim. Cover can be taken out to protect against becoming out of work sometime in the future due to suffering an accident, illness or unemployment by way of unforeseen redundancy. However, the product is not suitable for all individuals due to the exclusions which can be found in all policies. You have to know that they exist and what they are before buying.
Some exclusions are universal to all protection policies and can include being of retirement age, suffering a pre-existing medical condition, or if you are only in part time employment. Providers can add in others so checking the wording of the terms and conditions is essential before you sign on the dotted line.
If mortgage protection is suitable for your circumstances it can give you an income between day 31 of being out of work and day 90. (The waiting period before you can claim varies from policy to policy). Once the policy has started providing you with a tax free income it would then continue to do so for between 12 and 24 months. This would usually give you enough time to recover or to find another job.
Taking out a mortgage protection policy could mean the difference between you being able to continue meeting your mortgage repayments or struggling. If you find yourself getting behind on the repayments then you could lose your home to repossession which is a horrifying thought.
And the added stress of having to find the income needed could set back your recovery and a policy can relieve this and allow you to concentrate on getting back to earning.
The cost of mortgage protection insurance can vary considerably. If you take out cover which is often offered at the time of borrowing then you will inevitably end up paying much more as the high street banks and lenders tend to charger extortionate premiums for the protection.
Historically, an independent provider can offer cover at a cheaper price, often with added policy benefits. Standalone providers back up their products with experience in selling cover and offer the homeowner access to the information needed so they can make an informed decision.
Mortgage protection has taken a beating in the past along with the rest of the family of payment protection. An investigation into mis-selling of all policies is still underway by the Financial Services Authority (FSA) and the Competition Commission are conducting an in-depth review of the sector. Some of the many problems associated with mis-selling have included high cost of a policy; a lack of information regarding the exclusions; and poor quality products. It is hoped that with the introduction by the FSA of comparison tables in March 2008, mortgage protection will be much easier to understand and buy. Until then stick with an independent provider and make good use of the valuable advice and information that they are able to give before buying your policy.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection, loan protection insurance and income protection insurance.
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