It is essential that you check out UK mortgage protection insurance before you buy if you want to ensure that you have a policy to meet your needs and a quality product without paying over the odds for the cover. Historically, the high street lender will charge way over the odds for the cover when compared to the standalone specialist provider. Over the term of your mortgage this can cost you literally thousands of pounds.
UK mortgage protection insurance can help you to continue repaying your mortgage if you lose your income through becoming unemployed; or suffering from an accident or an illness which keeps you off work for any length of time. Cover will usually begin to payout after a set period of time which can be anywhere between the 31st day and the 90th day after the event and would then continue for between 12 and 24 months which should be ample time to get well or find alternative employment.
You do have to realise that there are exclusions in all policies that can stop you from making a claim. Exclusions that are typical to most mortgage payment protection insurance policies include if you are suffering from an ongoing illness at the time of taking out...
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