| Many things have been said about payment | | | | The policy would payout on unemployment which |
| protection insurance of which mortgage insurance is | | | | was brought about through reasons not of your own |
| one part. One of the things said about it is that it is | | | | such as by being made redundant. Incapacity would |
| nothing but a huge "rip-off". In some cases this was | | | | include such as being injured if you were involved in |
| proven true as policies have been sold to individuals | | | | an accident or if you became sick and are unable to |
| for large premiums and they could not even claim on | | | | work. It would not payout if you took voluntary |
| them. However it is not the policies that are to blame | | | | redundancy or caused yourself to be let go. There |
| but those who sell them with little experience. If you | | | | are also other exclusions which you do need to |
| wish to take out mortgage protection then shop | | | | check to ensure that you would be able to make a |
| around and get a cheap mortgage insurance quote | | | | claim on the policy. |
| with a specialist in payment protection. | | | | Once the provider has started to pay you benefit |
| A specialist will offer the lowest premiums for a | | | | they would continue to do so for a certain period of |
| policy and will make all the information available to | | | | time before the policy expires. The amount of time it |
| you so you can decide if a policy is suitable. This you | | | | pays would usually be between 12 months and 24 |
| can easily do by checking the terms and conditions | | | | months. Again you have to check this in the terms of |
| and in particular the exclusions against your | | | | the policy before taking it on. |
| circumstances. All payment protection has exclusions | | | | Covering your mortgage repayments is essential as if |
| in the small print and they vary in how many are | | | | you do not have an income you could struggle to |
| included with some providers just putting in the most | | | | find the money each month. Even if you could you |
| frequent ones and others many. | | | | probably would have to cut out many things in your |
| In order to get the best deal on mortgage payment | | | | life and perhaps fall into debt with other outgoings. |
| protection insurance you also have to take into | | | | Life could become very difficult for you and it need |
| account how long you would have to wait before | | | | not be if you get a cheap mortgage insurance quote |
| you are able to put in a claim on the policy. The time | | | | with a standalone provider. If you did get behind |
| frame differs depending on the provider. Some | | | | even by just one missed mortgage repayment you |
| providers could make you wait for a maximum of 30 | | | | would have to arrange to pay it back while at the |
| days and then allow you to put in a claim. Others | | | | same time keeping up with the repayments. Failure to |
| might ask 90 days of waiting and some providers | | | | do so and more missed mortgage repayments and |
| would backdate your policy to day one of you first | | | | you could find yourself in court facing repossession. |
| becoming unemployed or incapacitated. | | | | |