If you go to a standalone provider for mortgage protection insurance then you can get the cover far cheaper than if you take it with the high street lender alongside the mortgage. Cover that you take alongside your mortgage can add thousands of pounds onto the cost of the mortgage and you dont always get the information you need to ensure that the mortgage protection insurance is suitable for your needs.
Mortgage protection insurance can give you a tax free income once you have been out of work for a period of time continually. The amount of time you have to wait before making a claim can be anything from the 31st day to the 90th day depending on the provider and some providers backdate their policies to the first day of you coming out of work. Once the cover has started to pay out it would then continue to give you a tax free income for up to 12 months and with some providers for up to 24 months which gives you peace of mind that you dont risk losing the roof over your head.
If you become unable to work, you can get help from the State if you qualify for financial assistance, but the help that they do give is often not enough to give you peace of mind –...
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