If you want cheap mortgage protection insurance, don't be tempted to buy the coverage that's offered when you get a mortgage. Coverage bought this way can cost hundreds of pounds more than if you bought it from a specialist company. A specialist provider is the only place you can get cheap mortgage protection insurance and the best advice. For now, this is the best way to buy the insurance if you want to understand what it does.
Many people don't even know they can shop around for a mortgage payment protection insurance (MPPI) policy. Instead, they are led to believe that the cover has to be taken out with the mortgage lender at the time of taking out the mortgage, so they pay more than they need to for what could be important coverage.
Mortgage protection insurance protects your monthly mortgage payments in case you can't work because of an accident, illness, or being laid off. If you lose your job, you will still have to find the money to pay your mortgage each month. This can add a lot of stress and worry to an already difficult time, and if you can't keep up with your payments, you risk losing your home to foreclosure.
If a policy fits your needs, it could give you a monthly income that you could use to keep paying your mortgage. This could give you peace of mind and security. The insurance can start paying out between one and three months after you've been out of work, and it can keep doing so for up to 12 months, or even 24 months with some policies. You do have to make sure that the product is right for you before you buy it. There are exclusions that can make the product not right for you. Some exclusions apply to all policies, like if you only work part time, are retired, are self-employed, or have a medical condition that was there before you bought the policy.
Go to a standalone specialist if you want to make sure that your cheap mortgage protection insurance fits your needs. All specialists should make policies and especially the exclusions available to the consumer before they buy, so they can figure out if a policy is right for your life. Mortgage payment protection can be an expensive addition to a budget that is already tight, but if you buy it from a specialist, you could save hundreds of dollars over the life of your mortgage. Mortgage payment protection can make the difference between losing your home and keeping it. You would still have to pay your monthly payments, but mortgage cover can give you that money so you don't have to struggle to find it and make an already stressful situation worse.
