Articles About Finance And Refinancing

Mortgage Payment Cover, One Of A Family Of Payment Protection Insurance Policies

Mortgage payment cover is just one form of protection against losing your income. In this case, your monthly mortgage repayments are protected against you losing your income. It can make the difference between you losing your home or keeping it, as no one knows what is around the corner.

A policy can be taken out to safeguard against the possibility that you could become unemployed due to such as redundancy. Alternatively, it can be taken out to insure that you would have an income if you suffered an accident or illness. If you wish to protect against all three then you can. Of course, the premiums will vary with the level of cover, your age and how much you wish to cover.

You do have options with regards to buying mortgage payment cover. Usually you will be offered protection when taking out your mortgage. However, this can be one of the most expensive ways of protecting your mortgage. Protection taken out at the same time usually comes with little advice regarding suitability and it can add hundreds more than it need too onto the loan. By getting your quotes from a standalone specialist provider, you are able to make huge savings and get access to the key facts. You have to read the key facts because these tell you when the cover would start and end. It also gives advice on exclusions that can generally be found.

Mortgage payment cover would provide an income that would be tax-free which means that you would be able to maintain your repayments. This would alleviate added stress and would allow the policyholder to concentrate on recovering and getting back to work. If the policyholder had been made redundant then it would allow them to concentrate on finding work again.

There is a waiting period with mortgage cover. This is generally around 30 to 90 days of being continually unemployed or declared unfit for work. Once the policy has started to provide the security of an income, it would continue to do so for between 12 and 24 months. While this is usually ample time to recover or find another job, you would have to consider how you would maintain your repayments after the policy has ended.

Having some kind of back-up plan to fall back on should be considered essential. Relying on savings or the State to continue paying your mortgage could be a huge mistake. If you remained out of work through illness or sickness or did not find another job for many months then savings would run dry. Relying on receiving help as a way of mortgage payment cover from the State can be just as bad. In order to be able to receive any benefit you have to be claiming income support. You also cannot have a partner living with you who is in full time work. Even if you were eligible to claim, you would only receive up to the first ?100,000 of the interest part of the mortgage. If the mortgage way taken out after October 1995 you would have to manage without help for the first 9 months of being unemployed of unfit.

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

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