Cheap mortgage insurance is possible to get but you have to get the quotes for the cover from a specialist instead of taking this valuable protection alongside the mortgage at the time of getting your mortgage. The majority of mortgage payment protection insurance is sold alongside mortgages with the high street lender but this is the dearest way to obtain cover.
Cheap mortgage insurance should be given consideration if you are in full time employment and have monthly mortgage payments to make. If you should find yourself out of work due to suffering from an accident, sickness or through unemployment then you could be left struggling over where to find the money each month to keep the roof over your head.
Providing a policy meets your needs then cheap mortgage insurance can give you a tax free income each month with which to continue meeting your monthly mortgage repayments. The cover would begin once you had been out of work for a period of time which can be from 31 days but up to 90 days with some providers and the majority of policies are backdated to the day you first came out of work. Policies then continue to payout for up to 12 months and with some providers for up to 24 months which can give great peace of mind and security.
You do have to be aware that cheap mortgage insurance isn’t suitable for all circumstances and there are reasons which could stop you from making a claim and these are usually found in the small print of the policy. Some of the most common reasons which could mean you would be ineligible to make a claim include only being in part time work, being retired or if you suffer from a pre-existing medical condition.
Stick with specialist providers for the cover and make sure that a policy would be suitable for your circumstances before signing for the cover and you would have a safety net on which to fall if you should lose your income.