Take Out Your Mortgage Insurance Independently With A Standalone Specialist
Despite the bad name that mortgage insurance has earned itself over the last few years it can still be a very worthwhile product to have to fall back on if you should find yourself out of work after suffering from an accident, an illness or if you should be made unemployed by losing your job through such as redundancy.
Providing you understand the product and what it is capable of doing then it can give you security by providing an income each month after you have been out of work for a set period of time. The time you have to wait before making a claim varies from provider to provider, and can be anything between the 31st day and 90th day of being out of work continually. The cover would then carry on paying out a tax free income with which you can continue to repay your mortgage each month without worry for anywhere between 12 and 24 months of being out of work, dependent on the provider.
The main reasons why a policy might not be suitable for your needs are the exclusions and while these can differ between policies there are some which are common to the majority of mortgage...
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