There is always a right way to do something and an easy way to do it. There is also the wrong way and the hard way to do things, and getting mortgage insurance is no different. Most people who buy mortgage protection do it the wrong way. They buy their mortgage insurance from a high street lender or their bank at the same time as their loan. Now, if you wanted to do things the right and easy way, you would shop around and get your mortgage insurance from an independent specialist.
Most of the time, an independent specialist can get you cheaper insurance premiums and make sure you understand what the policy covers. And since a standalone provider usually only offers payment protection insurance, they can give you the best information and point you in the right direction.
Another reason is that, sadly, most people who buy their policy from a high street lender do so because they don't know they can get the same coverage from a different source.
Mortgage payment protection insurance (MPPI) is bought to protect your monthly mortgage payments, which can be a lot. Many people have already spent all they can afford, and if they were laid off, got sick, or had an accident and couldn't work for a while, they would still have to pay the mortgage. People might wonder where the money will come from. Of course, if you have mortgage cover, it will go into effect after a certain amount of time and help you pay your mortgage payments and other costs like home insurance.
Make sure you do things the right way when you buy mortgage insurance. It's important to look around for insurance and know exactly what it covers. It's the only way to make sure you get the best price for the premium and a good product.
