Mortgage Payment Protection Cover Should Be Bought From A Standalone Provider
Mortgage payment protection cover can work but it has to be given some very serious consideration as there are exclusions within a policy that could mean you wouldnt be able to claim. And depending on where you purchase it, it can add thousands onto the cost of your mortgage if you choose wrongly.
When taken out correctly, mortgage payment protection cover could pay out a tax free income each and every month usually starting from your 31st day of being out of work and continuing for up to 12 months (with some providers, for up to 24 months) enabling you to met your mortgage repayments. Mortgage payment protection cover can be taken out to guard against coming out of work due to accident and sickness only, unemployment only or accident, sickness and unemployment together.
Some of the most common exclusions include being self-employed, retired, only in part time work and suffering from a pre-existing medical condition. Of course there are many others and they will vary from provider to provider so it is always essential that you read the small print and key facts of a policy...
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