Finance Articles

Mortgage Cover Provides An Income For Your Peace Of Mind

If you should find yourself unable to work due to suffering from an accident, an illness or if you become unemployed then your monthly mortgage repayments could suffer. You would probably struggle to continue repaying your commitment unless you had mortgage cover.

Mortgage payment protection insurance (MPPI) would start after you had been unable to work for a period of time, and this varies on the provider, however it is usually somewhere between the 30th and 90th day. You would receive a tax free monthly sum for up to 12 and 24 months and this is laid out in the terms and conditions.

It is also the terms and conditions which can highlight how suitable cover is for your needs. Yet depending on where you buy your policy often little or no information is given.

Very often a policy will be offered at the time of taking out your mortgage yet this can boost up the cost of the amount you are borrowing considerably. A better way of taking out cover that you should consider is to get a quote from a specialist provider. An independent provider will offer not only cheaper premiums for your policy but will also give you access to the information you need to make an informed decision.

Some of the most frequently found exclusions in protection insurance policies include being in part time employment, suffering from a pre-existing medical condition, being retired, self-employed or only being in part time work. While these exclusions are stated you do have to double check because they can vary widely depending on the provider.

Individuals in the past have been sold policies that they could not claim against. Mis-selling has occurred and in some cases still is and it thought that around half of the 20 million payment protection policies including mortgage cover could have been mis-sold. Many well know high street names have received a fine from the Financial Services for failing to provide vital information at the time of selling.

Mortgage cover should be given some thought as to its suitability because losing your earnings and struggling to meet your repayments means you are putting the roof over your head at risk. Many homeowners are under the impression that they would receive help from the State if they should be incapable of working. While you can get some help you do have to qualify. You have to be claiming income support to be able to receive benefit for your mortgage. The majority of people also find they cannot claim for the full amount of their mortgage repayment, which still leaves them short. The help given by the State, should you be eligible, also usually does not start to benefit the individual until many months of being unfit or unable to for work.

Mortgage cover can provide peace of mind and its negative image should not put you off considering it. It is important to remember that it is those who use poor selling techniques who are at fault and not the actual product itself.

Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.

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