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Mortgage Protection Provides A Replacement Income

Jun 1, 2008
How would you manage to keep the roof over your head if you were to find yourself unemployed? What would happen if you fell ill and had to remain out of work for many months while you recovered? If you had an accident, could you guarantee you had the income each month to be able to continue meeting your mortgage payments? All of these questions should be given some thought while you are fit, well and working. Considering it after the event is useless. One way that you would be able to maintain your mortgage outgoing each month is if you take out mortgage protection cover.

Mortgage payment protection insurance is just part of a family of insurance policies aimed at providing you with a replacement income. In the case of protecting your mortgage, you can choose a policy that would provide you with up to a certain amount of your mortgage repayment each month. This means that you would not have to worry about losing your home if you were to have to take time from work or if you should become unemployed.

Mortgage protection can be taken to cover all three unfortunate events, accident, sickness and unemployment. However your circumstances could mean that you do not need to protect against all three. Some providers will allow you to tailor your protection so you protect what you need to. For instance, if you just need to protect your mortgage against being unemployed for any length of time you could just take a policy for unemployment alone. Alternatively, you could only need to safeguard against accident and sickness only. This means that you are only paying out for the protection you want and need. Premiums for policies are based on the amount of mortgage repayment you are covering and your age when applying.

You do have to shop around for the cheapest premiums as they can differ greatly between providers. If you buy protection when taking on your mortgage with the lender on the high street then this is usually not the cheapest option. For the majority of time, quotes will be cheaper with a standalone specialist provider. Just as the cost of mortgage payment protection insurance will vary between lenders, so does the conditions of the policy. Usually cover would begin to pay after you had been out of work for between 30 days and the 90th day. This can be found in the small print and must be checked and compared. You can also find how long you would be able to continue claiming for; all policies only pay for a fixed period of time. This is usually in the 12 to 24 month range before expiring.

Mortgage protection should be taken seriously and shopping around for the cheapest premiums can save you a whole lot of problems and heartache, as it can literally help you to keep the roof over your head. You would be able to relax and not give any thought to maintaining your repayments; instead you would be able to go and find work again or recover and get back to work.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection .
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