As long as you know how cheap mortgage payment protection insurance works, it can do what it's supposed to do. Most problems with mortgage payment protection insurance (MPPI) have been caused by the exclusions, so you should check these to make sure they are right for your situation.
Most mortgage protection insurance policies are sold by high street lenders along with the mortgage. This is the most expensive way to buy the insurance and can add thousands to the cost of the mortgage. The best way to buy payment protection is from a company that does it on its own. This way, you can be sure to get a good policy with the lowest premiums.
You can make cheap mortgage protection insurance work if you know that it won't cover you if you work part-time, are self-employed, are retired, or have a health condition that was there before. You do have to read the policy's fine print and make sure it's right for you, since exclusions and premium costs can be a little different.
Giving you a policy that would meet your needs It would start paying out after you had been out of work for a certain amount of time, which depends on the provider and can be anywhere from 31 to 90 days. Cover would then keep giving you a tax-free income that you could use to keep paying your monthly mortgage payments without having to worry about where the money is coming from each month.
Cheap mortgage protection insurance can help you to keep your home safe from the possibility of repossession but you have to stick with the standalone provider and make sure a policy would be suitable for your circumstances.
