You can find cheap mortgage protection, but you have to know where to look. When you take out a loan and mortgage protection at the same time, it can cost you hundreds more than it needs to. A standalone specialist provider is a much better way to buy protection. If you buy mortgage protection on your own, you can get good protection at a low price.
Another reason to get insurance from a specialist is that almost all of them should have information about the things that aren't covered. Before you buy mortgage protection, you have to read the key facts. This is where you will find the exclusions and terms and conditions that could mean a policy is not right for you. You can also find out how much the whole cover will cost there.
The exclusions can be different from one provider to the next, but there are some that all policies have in common. If you work part-time, are self-employed, have a health problem that was there before, or are old enough to retire, you probably won't be able to claim. But check the fine print to see if the provider has any other restrictions.
If the mortgage payment protection insurance policy is right for you, it can give you the money you need each month to keep paying your mortgage if you get hurt, sick, or lose your job and can't work. Cover would start to pay out between the 31st and 90th day, and the payments would continue tax-free for 12 to 24 months. You have to read the key facts to find out the terms and conditions of the policy you are thinking about buying, as well as the exclusions, which can be different from one provider to another.
Coverage has been sold wrong in the past, which has made people less likely to trust payment protection products. But in March 2008, comparison tables will be added, which will be a good thing, and it is hoped that this will start to make people trust the product again. The tables will be based on a series of questions that, if answered correctly, will tell the customer which type of coverage is best for them. The tables will also show what a policy doesn't cover and make sure the customer knows how much the whole thing will cost. You should check to see if you are eligible for the cover because you can't count on the government to give you the money you need to pay your mortgage. Even if you are eligible for help, the money you get might not be enough to keep you from losing your home.
When done right, cheap mortgage protection can give you a safety net and a source of income, but you have to be very careful when choosing a policy. The only way to get cheap mortgage protection and know that you are getting a good product is to get it from a specialist. As a specialist is more honest and doesn't put profits before the customer, you can buy with peace of mind knowing that the policy is backed by experience selling payment protection products.
