Finance Articles

Mortgage Protection Cover Needs Comparison

In order to get the best policy for you needs when looking for mortgage protection cover, you do have to make a comparison of what each provider offers in their policy. For instance some payment protection providers will backdate your benefit to the first day of you being unemployed or of becoming incapacitated. Others will include more exclusions in the terms and conditions than others which have to be checked against your circumstances.

Mortgage payment protection is a valuable policy to have if you find that you are unable to work after becoming ill or if you suffer from an accident. It is also there for you in the eventuality that you should become redundant. However if you do not need a policy that would payout for accident, sickness and unemployment together you can tailor your policy. You could just take out protection against incapacity only or you could choose to take out cover for unemployment only.

The level of protection you choose, your age and the amount you insure against are all taken into account when applying for the cover. This means that providers who offer age based insurance allow even those who have taken on the responsibility of a huge mortgage the chance to be able to afford to protect their borrowing.

Mortgage protection cover can stop you from falling behind on your mortgage repayments and getting into arrears. Without a policy you would have to contact your lender if you were unable to meet the commitments of your mortgage and try to come to an agreement. However without a steady income to back you up and being unsure of when you would be back at work, coming to any agreement with the lender would be very unlikely. While mortgage lenders do not take repossession lightly, if they have no other choice they will take you to court. If you have a policy which you could claim on then you would not have to fear repossession as you would be able to continue paying the commitments of your mortgage.

All providers will ask that you wait for a certain length of time before they will provide you with the benefit. Some will set a period of unemployment or incapacity at just 30 days, others could define the waiting period at 90 days and then you are able to put in your claim. Providers will also payout for different lengths of time; some could provide you with a payment each month for a period of 12 months, while others might supply a policy for 24 months. You do need to compare this along with how much your cover would cost each month in premiums. Mortgage protection cover can be added into the mortgage at the time of borrowing. While this might seem like the easiest and cheapest way to take protection, often it is not. Never assume that because the lender gave you the best deal on the mortgage, with the lowest rates of interest, they will automatically provide you with the cheapest policy for covering the borrowing. Lenders on the high street accumulate profits of around ?4 billion each year by attaching payment protection onto their loans. If you want to avoid being one of the many that contribute towards these profits, then get a quote from a standalone provider.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection cover.

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