Cheap mortgage protection insurance is underestimated by the vast majority of people, despite the major impact it can have on individual homeowners’ lives. Many individuals who are set on purchasing home insurance to protect their belongings often fail to protect their home itself with cheap mortgage protection insurance.
As with every insurance policy, there are exclusions associated with the cheap mortgage protection insurance out there. Firstly, most providers understandably do not cover an individual homeowner if he or she should lose a job as a result of their own actions, nor if they tale voluntary redundancy. They will ask for information on redundancy claims and may not pay out if an individual was fired instead. However, involuntary redundancy is covered under cheap mortgage protection insurance policies if you have selected that option within your cover.
More and more companies are going out of business every year as a result of many industrial factors. It may be that a business relocates or that it is no longer making a profit. There are a variety of reasons why a business would make its workers redundant, and cheap mortgage protection insurance can help to soften the blow by covering any mortgage repayments and associated costs such as home insurance, typically for up to twelve months, but in some cases, up to 24 months’.
Individual cheap mortgage protection insurance policies may have waiting times attached to the terms and conditions. For example, some stipulate that a homeowner would have to wait for a calendar month before claiming. There are very few cheap mortgage protection insurance policies that come into force straight away. However, despite this exclusion, cheap mortgage protection insurance can most definitely come in useful in either of the situations above and should be considered as a solution to protecting an individual’s financial future.