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