If you want cheap mortgage payment protection insurance, you should know that you can shop around for it and buy it on your own from a mortgage payment protection specialist. At the moment, most mortgage protection policies are sold at the same time as the mortgage. This means that the people who buy them are probably paying way too much for the protection.
Mortgage payment protection insurance (MPPI) can be a lifeline, but it can only do what it's meant to do if it fits your situation. You can only tell if it fits your situation if you understand the product and what it can and can't do. Right now, most people find policies confusing, but that will change in March 2008 when comparison charts go into effect.
The charts will give you the information you need to make sure you choose the right product. The information is based on a series of questions you answer at the beginning, and from here you can decide which product is best for your needs. Along with this, it will tell you how much the coverage will cost and what isn't covered, which could mean that the cheap mortgage payment protection insurance isn't right for you.
Even after the charts are made available, you should still use the help of a specialist to shop around for cover. A specialist will make sure to give you the information you need to figure out if a policy is right for your needs, as well as the cheapest quotes, which can save you a lot of money compared to high street lenders. You can find cheap mortgage payment protection insurance, but only if you buy it on your own and not from the mortgage company. A specialist who works on their own will always be able to get you the cheapest monthly premiums.
When bought to fit your needs, mortgage payment protection insurance can give you a monthly income to make sure you can keep paying your mortgage if you get sick, hurt, or lose your job and can't work. This can help you pay your mortgage even if you can't work. Protection would start to pay out between the 31st and 90th day, depending on the policy, and would continue to give you a tax-free income that would cover your mortgage payments for up to 12 months, and with some policies, for up to 24 months. Before you buy the policy, you do need to make sure that the exclusions in the fine print won't stop you from being able to make a claim.
Cheap mortgage payment protection insurance policies can have different exclusions, but some are usually the same. These include if you only work part time, if you have a long-term health problem, if you are retired, or if you are self-employed. The exclusions are written in the fine print of the policy, and they should be made clear when you buy the policy. A trustworthy provider will give you the key facts that will help you figure out if a policy is right for your situation, and you must read these.
