It is possible to get cheap mortgage payment protection insurance (MPPI) but you have to know where to go for the premiums. Historically, the cover that is sold alongside mortgages from the high street lender can add hundreds or even thousands of pounds onto the cost of the mortgage more than it need to if you had gone with the specialist in payment protection products.
Cheap mortgage payment protection insurance is taken out if you wish to safeguard against the possibility that you might come out of work if you should suffer from an accident, sickness or unemployment by such as redundancy. If this were to happen then you would still have your mortgage repayments to make and this adds stress and anxiety at a time when you dont need it. Providing that cheap mortgage payment protection insurance would be suitable for your needs then it would ease the stress and worry by giving you a tax free income after you had been out of work for a set period of time. This will vary from provider to provider but usually ranges from the 31st day to the 90th day of being out of work and would be backdated to day one with the majority of insurers.
The cover would then keep paying...
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