A specialist standalone provider will always be able to offer you some of the cheapest premiums for mortgage protection, and you don't get cheap mortgage protection when you get a mortgage; you have to buy it separately.
Mortgage payment protection insurance can save your life, but only if you buy it the right way and make sure your situation is right for it. There are some situations where you can't make a claim on the policy. Some common ones are if you only work part time, have a medical condition that was there before, are retired, or work for yourself. There could be many more, and they could be different from one policy to the next, so you should compare not only the price of the coverage but also the exclusions in the fine print and the "key facts."
If you buy a policy that fits your needs, it would start to pay you a lump sum that is not taxed if you were out of work for a long time because of an illness, an accident, or something like being laid off. You do have to be out of work for a certain amount of time before the policy starts to pay out. Depending on the provider, this can be anywhere from the 31st to the 90th day. Coverage usually lasts between 12 and 24 months and can be a great safety net. With the number of foreclosures on the rise, it is important to think about how you would continue to pay your mortgage if you lost your job for a long time. If you qualify, cheap mortgage protection is a great way to protect the roof over your head.
A specialist will be able to give you all the information you need to decide if a policy is right for you before you buy it, which is very important. Mortgage cover can be hard to understand, but this will change for the better in March 2008 when the Financial Services Authority introduces new comparison tables. The tables will help the customer decide which product is best for their needs. They will also let them know if a policy has any restrictions and how much the coverage will cost. All of this will depend on how you answer questions, so that you can get the best deal on coverage that won't let you down when you need it.
For now, stick with the advice that a payment protection provider who works on its own can give you. This way, you'll not only get the best advice so you can make the right choice, but you'll also save the most money on cheap mortgage protection. Before you buy a policy, you should always read the fine print and the most important facts. This is because protecting the roof over your head is the most important decision you will make.
