| "body"> | | | | provider) to give you enough time to find another |
| Getting a mortgage is bad enough - what with | | | | job, or get well etc. |
| terms like fixed rate, discount, variable etc - so | | | | Many people may think that mortgage payment |
| mention mortgage insurance and naturally your | | | | protection insurance is a waste of money, using |
| eyes will start to glaze over. | | | | the old adage "It'll never happen to me". However, |
| However, mortgage insurance is an extremely | | | | this is not true. Being unable to work - and |
| important insurance to have - in fact, it can the | | | | therefore having to struggle on state benefits - |
| difference between keeping a roof over your | | | | due to involuntary redundancy, accident or |
| head or ending up having your home repossessed. | | | | sickness can happen to anyone. It does not |
| If you recently took out a mortgage, you may | | | | discriminate and can strike anyone at any time. |
| remember the lender asking you whether you | | | | Therefore, if you are in full time employment for |
| wanted mortgage payment protection insurance. | | | | more than 16 hours a week and you have a |
| It probably sounded expensive and unnecessary. | | | | mortgage, then taking out insurance against the |
| And while, in some cases, there are companies | | | | financial ramifications makes sound sense. |
| who like to charge you too much for the product, | | | | Despite what the press says, it doesn't have to |
| it doesn't have to be that way. | | | | be expensive to take out this kind of insurance, |
| As for it being unnecessary - get the right policy | | | | and nor do you have to take out a policy with |
| and at the right price and it will be an invaluable | | | | your current mortgage lender. This means you |
| safety net for you. So, what is mortgage | | | | are free to shop around to get a policy that |
| insurance? It is a product whereby should you be | | | | offers you comprehensive protection without a |
| unable to meet your mortgage repayments due | | | | high price tag! |
| to being made involuntarily redundant or due to | | | | If you are looking for mortgage protection |
| being able to work because of sickness or maybe | | | | insurance, then do not automatically accept the |
| an accident - then it will cover your mortgage | | | | first quotation you get - premiums can vary |
| repayments. | | | | wildly, as can the terms of the policy and the |
| Your mortgage repayments (and sometimes | | | | benefits. |
| other mortgage related outgoings too) will be | | | | Do your research - the internet is a quick and |
| covered for up to a set period of time (typically | | | | easy way to compare policies - and then make a |
| 12 months but this can vary from provider to | | | | decision from there. |