Protecting against the unknown at least when it comes to your mortgage commitment is not hard if you take out mortgage payment insurance from an independent provider. While in the past all payment protection products have been called nothing but a "rip-off" without a doubt they can be valuable if you find yourself out of work and have lost your income.
Mortgage payment insurance would allow you to concentrate on making a full recovery or allow you to find work by giving you an income each month. This would mean you would not have to be worrying about where you would get the money to continue meeting your mortgage repayments or that you might lose your home. Protecting the roof over your head against the unexpected is essential as your lender can take steps to seize your home if you get behind on just a couple of repayments.
While you could be under the impression you would be able to use savings as a means of paying your lender these would soon run dry if you remained unemployed or incapacitated for many months. Relying on State help could also be a mistake. You would have to be able to qualify to receive State benefit and even if you do, you would only get benefit for the interest part of your mortgage repayment and could be waiting months before seeing any help.
Of course there are some terms and conditions with mortgage payment insurance. If you choose an ethical provider to get your quote from then you will be given the facts on their website. You should go over these carefully as they give you valuable information regarding your policy. Each provider will have different rules regarding when they would begin to payout on their policy and for how long payout would last.
Some providers will ask that you wait until the 90th day of unemployment or redundancy while others will start to provide from the 30th day. Some providers will backdate their cover to the very first day of you coming out of work or of being incapacitated. All policies payout only for a certain length after commencing, some will provide you with benefit for 12 months while others may provide cover for up to 24 months.
You can take out mortgage payment insurance at the time of taking out the borrowing and while this seems like the easiest choice it can be the most expensive. Taking protection alongside the borrowing can almost double it and certainly adds hundreds more onto the loan than it should. Very often poor advice is given or no advice in some cases and this has caused mistrust. However it is important to remember that it is not the product itself that has given cause for concern. Protection insurance policies can and do work providing you have ensured that the product is suitable for you needs and you have chosen the right type of policy. You can choose to take out protection just to safeguard against coming out of work due to unemployment, for illness and accident only of for all three possibilities.
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