Important Information on Mortgage Protection UK

2007-03-08 10:33:40

( Financial )



Mortgage protection UK is also known as mortgage protection insurance, or mortgage protection cover. In some cases, mortgage protection UK can also be known as an accident sickness and unemployment insurance, or even a payment cover and payment care insurance. These terms all refer to protection given to an individual when unforeseen circumstances arise such as unemployment, sickness or an accident.

Mortgage protection insurance does not have to be purchased at the time your mortgage is issued; it can be bought at any time. In fact, it is best that you use the Internet to search for different mortgage protection plans and premiums as this varies from every mortgage lender. The important factor here is to ensure that that the mortgage protection insurance scheme that you purchase will cater to the type of mortgage that you own.

There is mortgage protection cover for the monthly payments that you make to your mortgage loan, including its interest and the balance the mortgage. You can also add to your mortgage protection insurance coverage for your home and its contents. There are some mortgage lenders that also offer a life insurance plan in addition to mortgage protection UK, while others also cover for any critical illness that occurs.

When you purchase mortgage protection UK, do not obtain the cheapest mortgage insurance quote that you find. You should find out what the coverage includes and excludes. Most policies will not provide you coverage if you obtain employment that is seasonal or casual in nature. The cost of premiums is normally in proportion to the amount of exclusions and inclusions in the policy. You should also find out the maximum period that mortgage protection insurance would cover, as well as the shortest amount of time you need to be unemployed or be unable to work before you can make a claim.

Finally, it is important to note that the insurance company will only start making payments after a certain period of time after the claim is submitted. Subsequently, any claims that you receive from mortgage protection UK are tax-free.


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