Mortgage insurance or mortgage payment protection insurance as it is sold under, is taken out by those who have a monthly mortgage repayment to make and who are in work. If you should find yourself unlucky enough to meet with an accident, become ill or come out of work then the cover will provide enough money to ensure you don?t have to worry about meeting your commitments.
When buying mortgage insurance you have options, the first option is that you don?t have to take the protection that is offered by the high street lender alongside your mortgage. In fact this is the most expensive way of purchasing the protection and one which has been in the spotlight for all the wrong reasons recently. When choosing where to purchase your cover from then you should go online to a specialist provider, someone who knows the product they are selling and who can offer advice regarding the suitability of a policy.
A good mortgage insurance policy will protect your monthly outgoings for up to 12 months and will start after you have been out of work for 30 days or more. However you have to meet certain requirements and if you buy the protection alongside your mortgage then you are given very little, if any information regarding the exclusions within a policy.
A good standalone mortgage insurance provider will answer your questions and post information on the website which means that you gain the knowledge needed to make the right decision about a policy. For instance if you already have a condition when taking on the policy then this will usually be excluded should you come out of work due to it.
Similarly some of the most common problems such as a bad back and stress related illnesses won?t always be covered. If in doubt always talk with a member of staff from the company before making the decision, an honest and ethical standalone provider will never mis-sell a payment insurance policy.