Mortgage Protection Cover Could Save Your Home
Mortgage protection cover could save your home from repossession if you were out of work and unable to meet our mortgage repayments each month. Many homeowners are under the impression that the state would step in and help, the state will help if you qualify but the help they give is very little and you still risk losing your home. Mortgage protection cover could give you a monthly tax free income which would ensure that you could carry on meeting your mortgage repayments if you should find yourself out of work through accident, long term sickness or unforeseen unemployment. The cover would start after you had been out of work, usually for 30 days or more and would then continue to provide you with an income for up to 12 months and with some providers for up to 24 months. Mortgage protection cover can be a very valuable product to have in your corner but it has to be given some consideration as to its suitability for your circumstances. The product isn’t suitable for all homeowners as there are exclusions which might mean that you aren’t eligible to make a claim, some of the most common include being in part time work, retired, self-employed or if you suffer from a pre-existing medical condition.
When it comes to finding the cheapest quote for the cover it is essential that you shop around in order to get the cheapest premiums. Don’t be forced in to taking your cover when you take out your mortgage – it is not compulsory to buy it from your mortgage lender. You are free to shop around for cover, despite what they may say! However, when comparing policies, always make sure that you read the small print in a policy before buying the product and make sure that you understand the key facts in the policy if you want mortgage protection cover that could save your home in your time of need.