Mortgage payment protection cover can be a valuable product to have in your corner if you should find yourself incapable of working. Losing your income through accident, illness or unemployment could leave you struggling when it comes to the financial commitments of your mortgage. However, if you would be eligible to claim against a protection policy then payment protection for your mortgage could provide you with a tax-free income.
You do have to make sure that the exclusions found in all payment protection policies would not stop you from claiming. Suffering a pre-existing medical condition, being retired or self-employed, or not being in full-time employment could stop you from being eligible. These are just some of the reasons frequently found in a policy and providers can add in others. With this in mind, it is essential that you compare not only the quotes but also the terms and conditions.
Exclusions are complicated so do look into them very carefully. While one of the exclusions is suffering an ongoing illness, this can be overlooked if you have not suffered from the illness within two years of applying for insurance protection. When it comes to those who are self-employed then they would be eligible to claim if they were to stop trading altogether through involuntary means.
Payment protection insurance would provide you with an income that would cover your monthly mortgage outgoings and essential related payments such as insurance. This means that you are able to recover with the peace of mind that your mortgage debt would be safe. Homeowners who believe that the state would step in and provide for them in their time of need may be disappointed. The State does provide assistance but there are very strict criteria to meet. Those who have savings of more than ?8,000 or whose partner works full time would not receive a penny. Also, if you took your mortgage out after October 1995 then you would have to wait nine months before you would see any benefit, and then you would only get help with the interest part of the mortgage up to ?100,000.
Mortgage payment cover is usually offered alongside the mortgage at the time of borrowing but in the majority of cases this is a very expensive way of taking out cover. A far better option is looking around and buying the cover independently from a specialist in payment protection. There are many advantages of taking out the cover this way, besides the obvious benefit of making huge savings. A lack of information given at the time of buying cover leads many to take out a policy they could not possible hope to claim against. However, an ethical payment protection specialist will make available on their website all the information needed to make an informed decision regarding the policy?s suitability.
The mortgage payment protection cover that a specialist will provide will ensure you have an income from between day 30 and 90 of being unable to attend work. Each month you would get a payment which would continue for between 12 to 24 months if needed. The relief that this payment brings allows you to recover more quickly and leaves you free to concentrate on your wellbeing and, in the case of redundancy, to find another job.
Simon Burgess is Managing Director of the award-winning British Insurance (http://www.britishinsurance.com), a specialist provider of low cost income payment protection insurance (PPI), mortgage payment protection insurance (MPPI) and loan payment protection insurance.
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