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Shop Around For Mortgage Insurance

Jun 2, 2008
You shop around for your life insurance, home contents insurance and car insurance, so it only makes sense that you should shop around for your mortgage insurance too. Protecting your mortgage repayments in case you should suffer illness or accident or unemployment is just another form of insurance and as such you are able to buy it the same way.

When you buy your car the salesman will not try to sell you car insurance at the same time, so when you take on your mortgage you should not be bombarded with mortgage payment protection. However high street lenders frequently try to push cover alongside their loans. Have you ever stopped to consider why they do this; they are not doing it out of the goodness of their heart to save you money that's for sure. Far from it, in fact they could be adding hundreds more onto the cost of the borrowing than need be. Premiums for mortgage insurance are notoriously high and you do not have to buy protection at the same time. You might not want protection or you might not be eligible for it, all of these things need considering before buying. If you do decide protection is suitable and want it, then shopping around will allow you to save money, while at the same time ensuring you get a quality product.

The cost of insurance will also vary with independent providers, so getting several quotes before choosing your cover is imperative. The cost of cover will also depend on the level of protection you want. You can protect your mortgage for all three eventualities that might mean you are unable to work, accident, sickness and unemployment. However you might not need all three and providers will allow you to take out individual cover. A policy can be taken if you just want protection against becoming unemployed by such as redundancy. You can also take standalone accident and sickness mortgage protection.

All policies will differ in regards to the terms and conditions. Some protection will begin to provide benefit after a mere 30 days of unemployment or incapacity. However other providers might ask you wait before claiming for 90 days. The same goes with paying out, some might pay you a payment each month for 12 months, while others might pay 24 monthly payments before ending.

Mortgage insurance does an excellent job of helping you to keep the roof over your head if the unexpected does happen. The insurance would allow you the peace of mind of knowing that your mortgage repayments remained safe. You are then free to search for work again or to make a full recovery from your illness or accident. While you could think that your savings would get you through if you were unemployed or incapacitated if it was for many months they could run out. You could also be under the impression that the State would see you right and provide an income. While State help might be available it is only towards the first 100,000 of your interest for the mortgage. You would also have to wait several months before seeing any benefit and of course there are many terms and conditions that have to be met for you to be eligible to claim.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage insurance .
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