When you look for cheap mortgage protection insurance online with an independent specialist provider, all it takes is a click. A specialist provider can help you save a lot of money on coverage that could be very useful, as long as you check the exclusions against your current situation. These are in the fine print of the policy, which you need to read before you buy mortgage payment protection insurance because not knowing about them could make the policy useless.
Most policies won't cover you if you are retired, self-employed, have a long-term illness, or only work part time. Even though these are the most common things to look out for, the insurance company may have others that you need to check to make sure you can make a claim.
Cheap mortgage protection can be a lifeline if you get hurt on the job, get sick and can't work for a while, or lose your job by being laid off. A policy would start to pay out between the 31st and 90th day, and the tax-free income would give you the money each month so you could rest easy. You would still have to pay your mortgage, and even if you were eligible for help, you couldn't count on the government to give it to you. If a policy fits your needs, it could be a lifeline for 12 to 24 months, giving you time to get back on your feet or find another job.
You shouldn't be tempted to get the insurance at the same time as the mortgage from a high street lender. Even though this might seem like the easiest way to buy the insurance, it is also one of the most expensive and risky ways to get this important protection. Coverage sold with a mortgage comes with very little information about what isn't covered and what are the most important facts. Because of this, consumers who can't make a claim have been mis-sold coverage.
In 2005, when the Citizens Advice sent a very strong complaint to the Office of Fair Trading, people started to pay attention to misselling. The Financial Services Authority also started looking into the sector at the same time. After this, several big names on the high street were fined for mis-selling insurance, and even though things are getting better, a mortgage company was the most recent to be fined. But not only was the company fined, but so was the CEO of the company, who was the first person to be fined.
Go online to a standalone specialist provider if you want cheap mortgage protection insurance and peace of mind that you have all the information you need and a good policy. All honest providers will give you access to the most important facts and exclusions, so you can decide if the plan is right for you.
