Safeguard The Roof Over Our Head With Mortgage Protection Cover
By Simon Lance Burgess
No one can predict what will happen in the future but at least when it comes to something as important as the roof over your head you can safeguard against the unknown. Mortgage protection cover is taken out to insure against the possibility that sometime in the future you might find yourself having time off work after suffering from an accident, illness or if you should become unexpectedly redundant.
Suddenly finding yourself without an income would mean you could be left struggling where to find the money to make your mortgage repayments each month. Even if you have savings these would dwindle rapidly if you should be out of work for any length of time, you cannot rely on the State to step in and help as the help they do give is very little.
Mortgage protection cover could give you an income which would be tax free once you had been out of work for a specific amount of time. The waiting period can be anywhere between day 31 and 90 after the event and the majority of good quality policies will be back dated to the first day of coming out of work and then continue for between 12 and 24 months. While mortgage cover can be a safety net on which you can fall until you can get back on your feet it is not suitable for the circumstances of all, there are common exclusions. Being retired, self-employed, suffering a pre-existing medical condition or only being in part time employment would mean a policy would not be suitable. These are only the common and providers can add others in so it is essential that you do read the small print and terms and conditions of the policy before buying.
With the ongoing investigation into the sector by the Financial Services Authority and the review by the Competition Commission, faith in mortgage protection cover is at an all time low. However it is imperative that you do take into account the products themselves do work in the way they were designed, it is those who sell them with no experience that have caused problems. The majority of policies that are mis-sold have been sold alongside the mortgage with the high street lender at the time of taking out the mortgage. While taking the cover this way might seen like the best option and you might have got the cheapest rate of interest on your mortgage the premiums for protection will be sky high.
Along with high premiums the high street lender is well known for giving little information regarding the exclusions and key facts which makes buying cover this way very risky. A far better solution if you want cheap quality mortgage protection cover is to buy your cover with an independent specialist provider. Not only will they offer the cheapest quotes for the cover but will also make sure the consumer gets the advice they need and access to the key facts and exclusions in a policy.
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection cover, loan protection insurance and income protection insurance.
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