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