When it comes to getting cheap mortgage insurance, going with an independent provider is the best way to get a good policy. As a general rule, an independent provider can help you save a lot of money on your insurance premiums and give you good advice at the same time.
But not all cheap mortgage insurance policies are the same when it comes to quality, so you need to make sure you fully understand the terms and conditions of cover.
Depending on where you buy it, some companies that sell mortgage payment protection insurance charge ridiculously high premiums for the privilege of having this valuable safety net. As the media keeps pointing out, high street banks and lenders are some of the worst places to buy a policy from. They have been known to missell policies by putting the customer last and profits first.
Another big problem with getting a mortgage policy is that providers want you to think that you have to get the policy at the same time as your mortgage. This is not true, and the only way to save the most on your premium is to shop around and do things on your own.
Mortgage payment protection insurance is taken out to make sure that if you can't work because of an accident, long-term illness, or being laid off, you won't have a hard time coming up with the money to keep making your monthly mortgage payments. Getting a policy from a stand-alone provider won't cost you a fortune, but it will give you the security and peace of mind of knowing that if the worst happened, you'd still have a roof over your head.
If you go with a standalone provider to get cheap mortgage insurance, you will also be able to get great advice. This is because they have the experience to sell you the right policy for your needs. You can find cheap mortgage insurance, but you'll get the best deal and the best advice if you go with an independent provider instead of a high street lender.
