Mortgage Cover Does Not Have To Expensive

By: Simon Burgess

The expense of mortgage cover will all depend on where you choose to buy your cover from. If you do not look around but instead take it with the mortgage lender, then you will pay a great deal more for your premium than if you went to a standalone provider. Standalone providers will usually offer the cheapest premiums and even with independent provider you have to compare as the quotes vary.

While mortgage cover is an added expense each month onto probably what is an already tight budget, it can be well worth the small premium each month. You have to weigh up how you would be able to maintain your mortgage each month against the small payout each month. For your premium each month you would have the peace of mind of knowing that if you fell sick or were to suffer an accident you would still have an income. If you have taken out a policy to cover unemployment and were to be made unemployed by such as redundancy then again you would have a tax-free sum. If you had guarded against all three then you would be covered against all eventualities.

The level of cover you choose to take and how old you are when applying for the policy would reflect on the quote you are given. Once you have taken a policy you then continue to pay for it at the term you took it out for. Your premiums will not increase the older you get. The younger generation who are on an extremely tight budget can afford to take out protection with an age related policy.

If you shop around online for your policy then you will be able to gain as much information about mortgage cover as you want on the provider's website. It is essential that you do read up about the policy and that you take notice of the small print as all policies differ. They all include exclusions and they can have different terms in regards to the starting and ending dates. Some providers will offer cover that would begin to payout when the 30th day of unemployment or incapacity is reached. With others it could be 90 days before you can put in a claim. Some will offer to backdate the protection policy to the first date of you coming out of work or of suffering illness or accident.

Mortgage cover can be a great safety net and is worth considering; relying on savings or the State to provide an income are not the best choices. State help would only go towards interest on the mortgage up to a certain amount. You could also be waiting for the benefit for many months after unemployment or incapacity and of course you would have to be eligible to claim in the first place. There are some terms and conditions to payment protection that you have to meet also, however providing you check them before buying then you have a safety net. The policy would give you an income that was tax-free which would allow you to go out and look for work without worry. It would also allow you to concentrate on what matters the most, recovering and getting back on your feet again.

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