Mortgage Payment Protection Insurance Guards The Roof Over Your Head

Nothing could be worse than to find yourself out of work for reasons such as accident, sickness or unemployment and being at a loss as to how you would repay your mortgage. Lenders are sometimes patient, but for how long? Certainly not for more than two missed repayments before a letter would arrive. Fear would strike with the 3rd monthly repayment being missed and the very real threat of repossession from the lenders solicitor. What would you give to have had the foresight and taken out mortgage payment protection insurance?

Sadly we cannot roll back time and this is why while all is going well, you need to give thought to protecting against such eventualities in the future. It is all too easy to be complacent and say "it will not happen to me" as hundreds of people have thought the same and have then gone on to be one of the statistics of home repossession.

For a small monthly premium you can take away the guess work. You can have peace of mind that if you were to be unfortunate enough to become unemployed or become incapacitated, you would be able to cover your mortgage payments.

It is not hard to find cheap premiums if you look online and make comparisons. The cost of mortgage payment protection insurance varies as does other terms and conditions, such as start and end dates. Upon claiming on the policy it would only provide for so long. Some providers give you 12 months of cover, while others could give 24 months. Similarly the starting dates also vary. With some providers it could be just 30 days, while with others it can be as long as the 90th day before you can make a claim. Some providers will also backdate the benefit to the first day of you leaving work or of becoming unemployed, while other providers do not.

A lot of information can be found online with a specialist offering payment protection insurance cover, of which mortgage payment protection is just one form. Any ethical provider will provide information and give advice free of charge. By choosing to shop with a specialist to get your quote you are able to secure the cheapest premiums. Specialist providers will not sell any other type of product; they solely rely on offering low cost payment protection policies.

Do not be fooled by your mortgage lender into thinking that, if you want cover, you have to take it from them. This is nothing but a ploy to get you to add onto the cost of your borrowing. Quite often a quote with a lender on the high street can boost up the amount you are borrowing substantially. You always have the choice of where to buy your cover, even if some lenders would try to get you to believe otherwise. When considering taking out mortgage payment protection insurance always take your time and go over any documentation that the provider passes onto you. This way you will know exactly what you are buying and what the product can do for you, if you should fall sick or become unemployed.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage payment protection insurance.