ortgage insurance can be you can carry on meeting your
a very valuable safety net mortgage repayments and don’t
on which you can fall but have to worry about losing the
in order for it do the job that’s roof over your head if you were
its designed to do then you have to lose your income. Cover will
to read what is in the small pay out after you have been out
print that comes with a policy of work for 30 days and will
and decide before purchasing it continue for up to 12 months and
if it would be in your best with some providers for 24 months
interests to have the cover. and you have the option of taking
out cover for accident and
It is the exclusions that you sickness only, unemployment only
have to be aware of with any type or for accident, sickness and
of insurance and mortgage unemployment together.
insurance is no different. Some
of the most common reasons that When looking for mortgage
keep people out of work are insurance the best way to obtain
included in most policies, such it is to go to a standalone
as back problems and problems provider and let quote you the
relating to stress. Also if you cheapest premium available for
are self employed, retired or your policy. Historically,
suffer from a pre-existing standalone providers offer much
medical condition then these are cheaper mortgage insurance cover
all in the exclusions too. than their high street
counterparts, so always shop
Mortgage insurance - otherwise around for your cover and do not
known as mortgage payment be forced in to taking a policy
protection or ASU insurance - from your mortgage lender without
will pay out a monthly tax free first investigating your options.
sum of money which ensures that
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About the Author:
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage insurance, loan protection insurance and income protection insurance.
