Cheap mortgage protection is possible to find but you do have to know where to look for it. Taking out mortgage protection alongside your borrowing can add hundreds more onto the cost of the cover than it needs to. A far better way to buy your protection is to go with a standalone specialist provider. You can get quality cheap mortgage protection if you choose to buy the cover independently.
Another reason why you should take the cover with a specialist is the information regarding the exclusions that almost all specialists should make available. You have to read the key facts of mortgage protection before buying as this is where you will find the exclusions and terms and conditions which could mean a policy would not be suitable for your circumstances. It is also where you can find out how much the cover will cost in total.
The exclusions can vary from provider to provider but there are some that are common to all policies. If you work part time, are self-employed, suffer a pre-existing medical condition or you are of retirement age then you probably would not be eligible to claim. However do check the small print for additional exclusions relating to the provider.
If the mortgage payment protection insurance policy is suitable then it can give you the money needed each month to continue repaying your mortgage if you were to be off work due to suffering an accident, sickness or through unemployment. Cover would start to pay out anywhere between the 31st and 90th day and would then continue with a tax free income for between 12 and 24 months. You have to read the key facts to determine the terms and conditions of the policy you are considering taking out along with the exclusions as these vary depending on providers.
Cover has been mis-sold in the past and faith in payment protection products has waivered as a result. However, changes for the better which will be seen in March 2008 with the introduction of comparison tables and it is hoped these will begin to restore confidence in the product. The tables will be based on a series of questions, when answered correctly the consumer will know which cover is most suitable for their circumstances. The tables will also point out the exclusions in a policy and make sure the consumer understands how much the cover will cost in total. It is worth checking for eligibility of the cover as the State cannot be relied upon to provide you with the money needed to pay your mortgage. Even if you are eligible to receive help the financial assistance you are given might not be enough to save the roof over your head.
When taken out correctly cheap mortgage protection can give you a safety net and provide you with an income but you have to choose a policy very carefully. Choosing to take your cover with a specialist provider is the only way to get cheap mortgage protection and also be assured of having a quality product. As a specialist is more ethical and does not put profits ahead of the consumer you can buy with peace of mind that the policy is backed up by experience in selling payment protection products.