While policy mortgage insurance can be a great asset to have in your corner you does have to understand the product and what it can and cannot do. You should not that the cover doesn’t have to be purchased at the time of taking out the mortgage you can choose to purchase it independently from a standalone provider and historically this is the cheapest way of doing so.
Policy mortgage insurance or mortgage payment protection insurance (MPPI) as it is sometimes called is taken out by those who have monthly mortgage repayments to make and who worry how they would find the money to continue repaying them if they should suffer an accident, an illness or if they should become unemployed by such as redundancy. The majority of lenders will offer policies for monthly premiums which can be taken out to cover against coming out of work due to accident and sickness only, unemployment only or for all three.
If you take out the cover and it is suitable for your circumstances then a policy would begin to provide you with an income which would begin to payout typically between the 30th and 90th day of being out of work. The income would be tax free and would last for between 12 and 24 months depending on providers. You do however have to make sure that your circumstances are right for a policy, there are exclusions in all mortgage insurance policies and some of the most common include if you only work part time, are of retirement age or if you suffer from an illness at the time of taking out the policy.
Policy mortgage insurance can help you to keep the roof over your head but only if you understand and have read the exclusions and the key facts of a policy and the specialist should provide you with these along with some of the cheapest quotes for the cover that can be found online. Always read the small print and take the advice of a specialist lender and you will have the money to continue making the repayments on your policy mortgage insurance and so not get into arrears and possibly lose your home.
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