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Mortgage Protection Insurance

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What is Mortgage Protection Insurance?

Many times, we take out mortgages with the knowledge that we will always be fit and healthy. Healthy enough to make money and complete the mortgage payment. However, this is often not true. Unplanned incidents happen and these might hinder us from carrying out our duties.

The accidents which occur, however, ought not to strip us of basic amenities. Especially our mortgage payment. This is why a lot of people take out mortgage payment protection insurance. This cover ensures that when accidents, sickness, or unemployment occurs, the mortgage payment doesn’t suffer.

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Do you know what’s worse than losing the roof over your head? Nothing! Absolutely nothing!! Especially when such a disaster can be avoided. With mortgage payment protection insurance, you are absolutely certain of having a roof over your head. Unless a terrible storm occurs. And then, you’ll still have walls to protect you. Stick with us. This guide will tell you how to, and why you need to compare mortgage protection insurance.

Eligibility to Compare Mortgage Payment Protection Insurance

In just a few minutes, you can fill in your details here and compare mortgage protection & income insurance in the UK. However, not everyone can easily get this insurance. Some of the individuals excluded from this insurance cover are highlighted below.

If you are a new employee at a company, mortgage payment protection insurance will not cover you for the first 3 to 6 months of employment. However, if you have spent quality time at that particular company, you are free to enquire from your employer. You should be entitled to a significant payout if you are unable to dish out your duties for any reason and this payment will cover your mortgage payment.

Mortgage Protection Insurance 1

Peculiarity of Mortgage Protection and Income Insurance

You might argue that there are several government aids which will cover you in case this happens. Unfortunately, no aid presently beats what mortgage payment protection insurance offers. Other packages will only cover the amount paid as interest and not the actual repayment.

It is, however, important to note that the mortgage payment protection insurance only covers you for a year. You might consider getting other options or getting a job to cover this deficit. You should also try to find out the amount you are likely to earn when you fall ill.

This is referred to as sick pay and if this amount is substantial, you can just compare mortgage payment protection insurance for unemployment only.

Mortgage Payment Protection Insurance Policies

Normally, the payment begins 31 or 60 days after you are declared unfit for work or unemployed. Although some policies exist which pays immediately after you were declared unfit. You should compare mortgage payment protection insurance to have an idea of the different policies available.

As mentioned previously, the duration of payment for many mortgage protection insurance is 12 months, however, policies which only cover you for a year. Some insurance brokers also put a limit on the monthly payments you can get.

For many, the value is capped at £1500 while some more generous plans exceed about £2000 monthly. If your mortgage exceeds this, you should seek other means to prevent losing your house when unemployment or sickness beckons. Also, you can compare mortgage payment protection insurance to see if some policies exceed this figure.

Helpful Links: Insurance Associations

ABI –  Association of British Insurers – The Association of British Insurers is the leading trade association for insurers and providers of long term savings. … need to contact their insurer for a Green Card which they will need to carry on them if they wish to drive their vehicle in the EU.

BIBA – British Insurance Brokers’ Association – The British Insurance Brokers’ Association (BIBA) is the UK ‘s leading general insurance organisation.

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