Most homeowners don't have mortgage payment protection because it's too expensive and they can't pay the premiums and still live comfortably. But this reason is often given before people look more deeply into mortgage payment protection cover. Before they find out what mortgage payment protection cover is, they say "no" when they hear the price.
On the other hand, many people say that the cover won't be used and is a waste of money. Again, these people have no idea what mortgage payment protection cover is or what it can do to help a person in a bad financial situation.
Even though we all hope we'll never have to worry about how we'll pay our next mortgage payment, most homeowners would be glad to have mortgage payment protection cover if they did. If given the chance to show it, it can be a very valuable product.
But if a mortgage has mortgage payment protection cover, it can be hard to pay the premiums. It just adds to the cost, and if you have to pay your mortgage and premium on the same day, it can be a huge strain.
It doesn't help if your mortgage lender has more expensive mortgage payment protection insurance than its competitors. Most people feel like they have to think about their cover because they believe, wrongly, that they have to get mortgage payment protection cover through their mortgage lender if they want it at all. It's not like that.
There are companies that offer separate policies that are paid for on a monthly basis and have lower premiums. These policies are not connected to the mortgage in any way. Having this mortgage payment protection cover could make the cost easier to handle and still give you peace of mind.
