09:30 18 November 2013
The mortgage protection insurance is always ready to cover your bills in difficult times as long as you can keep up with the monthly premium.
If you fall victim to unwanted circumstances such as illness or loss of job, which directly leads to your financial disaster, mortgage protection insurance will help you with the payment of your bills up to the sum of £3,000 each month for a year or two.
You also have the opportunity to request for additional protection policies, which are offered alongside mortgage packages, but some people do not take that as option because they do not want to spend excessively on insurance.
Requesting for mortgage protection cover
Cheaper and affordable mortgage protection insurance options are offered at a longer deferral period cost, which usually dictates the length of time you must wait before you receive your first mortgage repayment after the claim is placed. Deferral period can be in the range of 30 to 180 days, which depends on the insurer and your monthly premium.
Your maximum monthly payout depends on a variety of factors including your premiums, your mortgage repayment size, and your recent salary.
Other viable options to mortgage protection insurance
The Critical Illness Insurance is an example and although it cannot provide you the cover mortgage protection insurance does, you can benefit from its other interesting features. In cases of serious illness, the critical insurance policy will provide huge amount of money to settle your debts and mortgage repayments.
The second option is the income protection policy which is ideal for long-term incapacity. It pays about half its client salary whenever they are involved in accidents, or fall critically ill. The two policies do not cover payments where unemployment is concerned.
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