Mortgage Protection Insurance UK - Recently Updated Pages

UK Mortgage Protection

mortgageprotection — Thu, 28 Aug 2008 03:08:16 CDT

This is an article by Sara Anne Burgess, a UK mortgage protection specialist:
For many years I have been a staunch campaigner against the major names in finance who, I believe, rip-off their customers by selling over priced, often unsuitable UK mortgage protection insurance and other similar ytpes of cover.

It is a disgrace that these companies line their pockets with in excess of £4bn in profits every year from this invaluable insurance – preying on a consumer’s financial vulnerability by selling them poor value cover at an over the top price.

But it doesn’t have to be this way. Payment protection insurance shouldn’t be expensive and of an inferior quality. Burgesses, for example, offer high quality, low cost protection insurance products to suit even the most modest of budgets and circumstances. Our products also feature additional benefits not always offered by those policies on the high street.

Another concern for me – and one which I regularly comment on in the media - is the lack of information readily available to people who are considering payment protection insurance.

Many believe it is compulsory at the time of taking out some form of borrowing such as loan, mortgage or credit card. Others are sold policies that they are not actually eligible to claim upon should they need to.

I believe that the consumer should have the resources needed to enable them to make a well-informed choice about payment protection insurance – and this is one of the aims of this blog.

Sadly, many people do not value the importance of payment protection insurance – or are put off by the horror stories they read in the press (Which is not surprising really, when you hear about the 4,000 cases of mis-sold payment protection insurance cases being investigated by the independent regulatory body, the Financial Services Authority in 2007).

However, when bought correctly, payment protection insurance can quite literally save you from financial distress if you were to lose your income.

Think about it - how would you cope if you became unable to work? How would you service your mortgage repayments or rent? How would you pay your day-to-day living expenses such as food and clothing?

The solution is payment protection - income, mortgage or loan payment protection insurance. Should you unexpectedly lose your income as a result of unforeseen redundancy; due to an ongoing illness; or accident, then the cover would pay you a tax free monthly income until you were back to work.

But it is not as simple as just going out and buying a policy along with your loan, mortgage or credit card. As with all purchases, you need to do your research first. If you don’t, you could end up paying much more than you have to for the insurance and run the risk of paying for something that is not worth the paper it is written is on.

I know about payment protection insurance – the whys, the wherefores and the what nots. I know it provides invaluable protection but have seen how, in the wrong hands, it can be a rip-off.

I believe that using one of British Insurance's UK mortgage protection insurance policies is the best way to keep a roof over your head.

Redundancy Protection

mortgageprotection — Thu, 28 Aug 2008 02:20:32 CDT

If you want a lifeline to cling to in case you became redundant then give some consideration to taking out redundancy protection in the form of payment protection insurance. Depending on your circumstances you are able to take out protection for your mortgage, loan or income in general. All payment protection can be shopped around for and if you choose to take out a policy with ethical specialist British Insurance you are able to make some of the biggest savings.

Loan payment protection from British Insurance would save you up to 80% and mortgage payment protection would help you to make savings of as much as 40%. You can also make savings on income payment protection insurance and be provided with all the information needed to be sure of which policy would be the most suitable.
Loan payment protection would be there for you to provide you with a replacement income to pay your loan or credit card repayments. Mortgage protection would allow you the luxury of knowing that your mortgage repayments were safe each month. Income payment protection would safeguard your income in general and ensure you could maintain all existing outgoings.

All payment protection would begin after a certain length of time; usually this is between days 30 and 90. Your policy would then continue for either 12 months or 24 months again depending on the provider you choose to take out protection with. With ethical British Insurance this would be from the 30th day and continue paying out up to the 12 month. British Insurance would also backdate their redundancy protection benefit to the first day of your becoming unemployed.

Redundancy protection does come with some exclusions that do have to be checked against your circumstances. These should be made clear by the provider you choose to take your policy from, all ethical payment protection specialists will give you this information on their website and this allows you to make an informed decision regarding the policies suitability.

Mortgage Unemployment Insurance

mortgageprotection — Wed, 27 Aug 2008 01:05:08 CDT

For total security that you would have the money needed to maintain your mortgage repayments you need to consider taking mortgage unemployment insurance. A policy can be taken with the borrowing but a far cheaper way to cover your repayments is by shopping around with payment protection specialists.

High street lenders tag cover onto the borrowing at high cost and also often very little information is given regarding the cover. You do have to be aware that there are exclusions in the policy that could stop you from making a claim. Providing you check these against your circumstances then you can be sure that mortgage unemployment insurance is suitable and it would be something that you could rely on.

Ethical payment protection specialist British Insurance provides a quality policy that would begin paying out from the 30th day of unemployment or of you being unable to work. It would also save you as much as 40% and provide you with 12 monthly payments and also backdate to the first day of you being unemployed or of being incapacitated. Other providers might offer a policy that would begin to pay after the 90th day and some might payout for as long as 24 months.

You can choose the level of cover that is suitable for your circumstances. You can choose to cover unemployment only; you can also choose to cover against incapacity only. If you want you could also choose to take accident sickness and unemployment protection together. You age is also taken into account with ethical British Insurance and this means that even first time homebuyers can now afford to take out protection for their mortgage repayments.

Keeping up with your mortgage is essential as the outlook if you cannot is dire. The worst case scenario would see the lender taking you to court and you could have your home repossessed, if this happens then you will be evicted. With mortgage unemployment insurance in your corner to fall back on you would have the money and continue meeting the requirements of your mortgage commitment without worry. This would allow you to recover with peace of mind that you would not be at risk of losing your home. If you had been made redundant it would give you the time needed to search around for work that was suitable.

Mortgage Insurance Quote

mortgageprotection — Wed, 27 Aug 2008 00:24:24 CDT

Would you take the first quote for life, car or home insurance that you found or would you shop around and get several before making your choice? When you want to protect your mortgage repayments against being unable to work or suffering unemployment you can also get the cheapest mortgage insurance quote if you shop around with independent providers.

A mortgage payment protection policy would allow you to safeguard your mortgage repayments by insuring up to a certain amount of the payment each month. You would then receive this income back tax-free and use it to continue meeting the repayments. You would not have the fear of the lender taking you to court to repossess if you got behind on your mortgage. If you get a quote for the policy from ethical payment protection provider British Insurance you would save as much as 40% on your protection.

Another bonus of taking out a plan with an ethical provider such as British Insurance is that you would be provided with all the information needed for you to be able to make a decision regarding the suitability of cover. There are certain exclusions that need checking against your circumstances and once you have you would then have a policy you could rely on. Some providers add in more exclusions than others so checking them against your circumstances is essential. You also have to check in the terms of the policy to see when the cover would start to protect you and for how long it would payout.

British Insurance mortgage insurance quote: Some providers such as ethical British Insurance would supply you with your income after just 30 days of unemployment or of incapacity. You are able to protect against the possibility of accident sickness and unemployment together, accident and sickness only or unemployment only. Once you had started to receive an income from the policy you would then continue to do so for as long as 12 months if you needed it for this long. By checking the terms and conditions of each quote you receive you might find some providers extend this to 24 monthly payouts and some providers might ask you to defer from claiming on the policy until the 90th day.

A cheap mortgage insurance quote can mean the difference between you losing your home and keeping it. It allows you the peace of mind that if the worst should happen and you did lose your income to redundancy you would be able to search around for work. It would also allow you to make a full recovery if you should suffer an accident or illness without having to worry about meeting the mortgage each month.

Mortgage Insurance Protection Cover

mortgageprotection — Tue, 26 Aug 2008 03:58:11 CDT

Anyone who wants peace of mind that their home would not be at risk if they lost their income should consider covering their repayments with mortgage insurance protection cover. Lenders will give homeowners a little leeway but without an income showing that you can maintain the repayments would be extremely hard. If you were to become ill or suffer an accident you would not know when you might be fit enough to return to work again. If you became unemployed as a result of redundancy it could take you several months to find work. During this time if you got into arrears you could find yourself in court and being evicted from your home.

Mortgage payment protection can be taken with a standalone specialist. British Insurance is an ethical payment protection provider who could save you as much as 40% on the premiums. They would also provide you with enough information for you to be able to decide if the protection would be suitable. Exclusions can always be found in cover and you have to check these if you are to ensure that a policy would be suitable mortgage protection insurance cover. You also need to check to see when the policy would begin to provide you with an income and for how long it would provide you with an income.

With British Insurance mortgage insurance protection cover you would be able to claim after 30 days of being unemployed or incapacitated on a continual basis. They would also payback to the first day of you losing your income to either incapacity or unemployment. All policies with all providers only payout for a certain length of time, with British Insurance this is for 12 months. If you check the terms offered by other providers this could extend to 24 months and some might ask you wait to claim until the 90th day.

Mortgage insurance protection cover can be offered by the mortgage lender when taking on the loan. However high street lenders charge huge premiums and very often provide little information. In the past this led to individuals taking out policies that they could not possibly claim against. You will always be provided with information when you take out a policy with an ethical standalone specialist provider along with gaining the biggest savings.

Mortgage insurance cover

mortgageprotection — Tue, 26 Aug 2008 02:33:56 CDT

Mortgage insurance cover can be taken out to provide you with an income each month so that you can keep on top of the repayments of your mortgage. A policy would provide for you if you suffer from illness or accident that left you unable to work. It would also be there for you if you should become a victim of unemployment. Unemployment could happen as a result of redundancy and this has to be given some thought as no ones job can be called safe. Failure to pay your mortgage each month could result in the lender taking you to court and this means that you could have to leave your home.

Mortgage insurance cover can be taken out for a premium each month based on the amount you wish to protect, your age and level of protection needed. While you can take out a policy that covers accident sickness and unemployment together, you can also tailor your policy. You can just choose to take out a policy to protect against the possibility that you might become unemployed or just take out protection for accident and illness only. Ethical British Insurance offer one of the cheapest mortgage payment protection policies. A quote from them could save you as much as 40% in comparison to the lenders on the high street.

Mortgage protection can be added onto the mortgage when taking it on, this is not the only way to buy cover despite what the lender might have you believe. Shopping around will always get you the cheapest premiums and quality cover. British Insurance offer age related cover which means that first time younger home buyers can make the biggest savings and afford to be able to keep on track with their mortgage outgoings each month.

Mortgage insurance cover from British Insurance starts to provide the policy holder with an income after the 30th day of unemployment or incapacity. The policy would then continue to payout for up to 12 months if it was needed before expiring. Some providers could give you 24 months protection and others could ask you wait for as long as 90 days before they would payout on the policy. You have to check this in the terms and conditions of any policy you are comparing along with the cost. You also have look carefully at the terms and conditions for the exclusions which are to be found in all payment protection policies. These vary again depending on the provider.

Mortgage Payment Protection Insurance

mortgageprotection — Mon, 18 Aug 2008 06:59:15 CDT

If you want to ensure that you would have the money needed to be able to maintain the repayments of your mortgage if you became unemployed or suffered an accident or illness, then you need to consider taking out mortgage payment protection insurance. What many people don't realise is that mortgage payment protection insurance can initially be added on to the mortgage loan, which in the majority of circumstances is the most expensive option. Taking out your own protection insurance is usually the best option: you can, in most circumstances, get it cheaper with a stand-alone specialist.

Independant providers who offer payment protection can help you to make savings of as much as 40% if you get a quote from a mortgage payment protection insurance specialist such as British Insurance. They will also ensure they have supplied information that you need to know straight away whether or not you would benefit from a policy. There are exclusions you have to consider and these need checking against your circumstances. Some providers will add in quite a few exclusions while others just the more common ones. The exclusions can be found in the terms and conditions of the policy and this is also where you will find when and for how long payment protection pays out.

British Insurance asks that you wait for 30 days and then they begin to provide you with an income which is tax-free. Some providers also ask that you defer from claiming on the cover until as much as the 90th day.

Mortgage payment protection insurance can ease the situation of unemployment or incapacity greatly. However, you can choose the level of protection with British Insurance, you can insure against unemployment and incapacity together. You might need to insure against incapacity only or unemployment only. The level of protection you take out and your age go towards setting how much you payout each month in premiums.

Mortgage insurance quote, The first time buyers guide

mortgageprotection — Fri, 18 Jul 2008 05:45:37 CDT

If you are a first time buyer and have just finished buying your very first house or even if you are looking into the possibility for the coming years, you should look at a good many issues before you actually decide upon a mortgage and all of the related products. Of course, you do not have to have all of those products with the one provider. Instead, you can go to whichever company you would like, providing that you are completely happy with your decision and your deal. Before making a decision on products like mortgage cover though, you should obtain a mortgage insurance quote.

You can get a mortgage insurance quote from any provider. This includes high street banks and lenders and specialist independent providers as well. You may be tempted to take out the cover with a high street bank or lender because you will obviously have your mortgage with them and it may make your life easier to keep everything under the one roof. However, as a first time buyer, you will need to save all of the money you can to be able to cope with the new responsibilities and bills that come with owning your first home. Specialist companies can often save you an awful lot of money because their premiums can be as much as 50% less in terms of overall cost than that offered b y a high street bank.

The mortgage insurance quote is often pretty straightforward to work out. Any good company will of course check out your eligibility before approving any application. The quote offered by the bank or lender will often not reflect that because they are often simply quick quotes that are given to consumers to give them an idea of how much they should expect to pay. However, many independent companies do allow you to obtain quick quotes that do give an accurate monthly premium. This can be less misleading for you and give you the chance to sort out your finances in advance.

Moving into your own home for the first time can be extremely difficult so it is definitely worth planning ahead and the mortgage insurance quote can help you to do that, regardless of who you decide to take the cover out with. It is definitely worth investing in if you feel it is right for you.

Redundancy insurance plans-shop around for the cheapest quotes

mortgageprotection — Fri, 18 Jul 2008 05:44:37 CDT

If you want to take out protection to guard against the fact that you could be made redundant and lose your income, then there are ways of doing so. There are a suite of redundancy insurance plans that for a monthly premium can providing they have been purchased correctly, provide you with a monthly income which is tax free.

Payment protection insurance (PPI) plans pay out once you were out of work for 30 days or more and as is the case with the some providers, be backdated to the day you came out of work. A good policy would continue to provide you with an income for up to 12 months and there are policies offered by some providers will pay out for up to 24 months. The cover, if bought from the wrong course, can be an expensive addition to an already over stretched budget. This means that in order to get the lowest quotes for the redundancy insurance plans you have to shop around for the cover.

These payment protection insurance plans come in different forms and one form is income protection insurance; this means that if you were to lose your income through becoming unemployed (ie being made redundant), then the policy would replace your income up to a fixed amount every month. This money could then be used to pay your essential outgoings each month until you got back on your feet. Along with being made redundant you can also take additional cover to protect against loss of income through accident and sickness; or for accident, sickness and unemployment.

The insurance can also be taken out to protect your monthly mortgage repayments. As your mortgage is one of the biggest monthly outgoings a good policy when bought correctly could mean the difference between you losing the roof over your head and keeping it.

You can also take out redundancy insurance cover to safeguard any loan and credit card repayments and policies taken out to insure against this are called payment protection insurance. Mortgage and payment protection are usually offered at the time that you take your mortgage or loan but this is the most expensive way to purchase your policy. Very little information is often given regarding the product when purchased from the high street lender and this has meant that policies have been sold in the past regardless of the persons needs. The high cost of having peace of mind that a policy can bring has also been one of the product’s main downfalls, but this too can be avoided by shopping around for the cover and going with an independent provider.

While redundancy insurance plans can give peace of mind, it isn’t a suitable product for everyone, there are exclusions within policies that could mean you would be ineligible to claim should the time come and for this reason it is essential that you understand there are limitations with the products. Protection insurance plans can work to your advantage and peace of mind can be bought cheaply, but you have to shop around for the cheapest quotes and understand the pros and cons of a policy and this you can do by going to an independent provider for the cover.

Mortgage protection plan could replace your lost income due to unemployment

mortgageprotection — Fri, 18 Jul 2008 05:42:51 CDT

A mortgage payment plan could mean the difference between you struggling to find the money each month or having peace of mind of a replacement income. Providing cover is suited to your individual circumstances it could allow you to meet your monthly mortgage repayments if you should find yourself unable to work due to an accident, sickness or through unexpected redundancy.

Exclusions however dictate whether a policy would be suitable for your needs. Universal ones include being in part time work, suffering an ongoing illness, being of retirement age or if you are in self-employment. The terms and conditions can also reveal extra exclusions added by providers so making sure you read them is critical.

Ethical British Insurance offers mortgage payment protection insurance which would start after you had been unfit for or unable to work for 30 days. You would start to receive a tax free income that would then continue for as long as 12 months. Some providers lengthen this for up to 24 months but might state that you have to be incapable of working for anything up to 90 days before you claim.

Protecting your mortgage repayments is only common sense but you have to be aware of your options for buying it. A mortgage protection plan can be taken out with the loan at the time of borrowing but you also have the option of choosing to buy it independently. If you do choose to shop around for your policy then you can save money on the premiums along with getting the advice that a specialist can offer. Mis-selling has occurred with mortgage protection and the latest firm to receive a fine was a mortgage firm, which makes taking a policy risky unless you know the terms and conditions along with the facts regarding a plan.

Mortgage protection insurance quote can be cheaper if you buy it independently

mortgageprotection — Thu, 17 Jul 2008 03:31:27 CDT

Any individual who takes out a mortgage will probably be offered protection in case they should become out of work through accident, illness or unemployment. At the very least the lender will mention the fact that cover could be a financial lifeline. However buying a policy alongside the mortgage at the time of borrowing is not the only option when it comes to taking a mortgage protection policy. You can, if you choose, take it out independently. By choosing this option the mortgage protection insurance quote can undoubtedly work out cheaper.

When considering mortgage payment protection insurance always get several quotes because a mortgage protection insurance quote can vary considerably. British Insurance offer a quote for the premiums which can save you up to 40% compared with those offered by the high street banks and lenders and along with this they give you the information needed for you to be sure that you would be eligible to claim if you buy.
The exclusions can fluctuate depending on the provider but there are some that exist on a regular basis in all. Being retired, suffering a pre-existing medical condition, working only part time or if you are self-employed are the main ones. That is why you should always read the key facts of any insurance protection you are considering.

Mortgage cover from ethical specialist British Insurance would give you an income with which to finance the repayments of your mortgage from the 31st day of being continually unable to work. It would then benefit you for as long as 12 months giving you enough time to get back to work.

The terms and conditions are just as important to compare when looking for quality cover and a cheap mortgage protection insurance quote. British Insurance provides all the information needed to buy a quality policy, ensuring that the individual will know that it is suitable for their circumstances.

Mortgage cover could help you to keep the roof over your head

mortgageprotection — Thu, 17 Jul 2008 02:16:22 CDT

Providing that you understand mortgage cover, a policy could help you to keep the roof over your head if you should find yourself unemployed through being made redundant, off work suffering an accident, or through prolonged sickness.

Mortgage cover - or accident, sickness and unemployment insurance (ASU) or mortgage payment protection insurance (MPPI) - as it is also called is one of a family of protection policies that can pay out a tax free sum of money which provides you with an income to ensure that you could continue to pay your mortgage.

Sadly the state gives very little help at times such as this even if you qualify for help, meaning that if you don’t want to risk having your home repossessed because you cannot afford your mortgage repayments, then mortgage cover should be considered.

Subject to you meeting the requirements set out in a policy, mortgage cover will provide you with a monthly income for up to 12 months - and in some cases for up to 24 months depending on the provider. It is imperative that when considering taking out a policy you ensure that you would be able to claim as there are exclusions within all policies. If you only work part time; are self-employed; or are retired, then a policy wouldn’t be in your best interests.

It is important that you shop around for your mortgage cover - the premiums for the cover vary considerably depending on where you look for the insurance. A standalone provider will give you a much lower quote for your premiums than a high street lender will along with providing a product of much better quality. High street lenders often give very little information regarding the policy’s key facts and exclusions which led to an investigation into the sector after a super complaint by the Citizens Advice.

In early 2005 the complaint was made to the Office of Fair Trading (OFT) and as a result of an investigation by the Financial Services Authority, several companies were handed fines for mis-selling of the payment protection cover. When it comes to mortgage cover then the high street lender doesn’t always give the information needed for the consumer to make a decision. In some cases the cover is pushed onto the consumer alongside the mortgage with the lender making the homeowner believe they have to take the cover.

Mortgage cover can be a valuable safety net but it doesn’t have to be bought alongside the mortgage. It can be bought independently from a standalone provider of your choice and this is the cheapest way to purchase the cover along with ensuring you buy a quality product. An ethical provider will always outline the exclusions within their products and will provide you with the information you need to make an informed decision regarding the policies suitability to your needs. By going with a standalone provider and getting several quotes you are able to make huge savings while getting the peace of mind that mortgage cover can bring.

Mortgage cover UK policies explained in simple terms

mortgageprotection — Wed, 16 Jul 2008 03:00:51 CDT

Mortgage cover UK policies – also known as mortgage payment protection insurance policies - can be taken out to ensure that if you should find yourself without an income due to being unable to work because of redundancy; if your suffer an accident; or have a prolonged illness, then you would have a monthly income with which to repay your mortgage commitments.

If a mortgage cover UK policy is suitable for your circumstances then it would provide a tax free amount of money after you have been out of work for 30 days and would continue to pay out for up to 12 months or with some providers a policy can be taken out to pay out for up to 24 months. There are different policies; you can take out one just to cover you against coming out of work due to becoming unemployed, a policy to cover against you being out of work due to an accident or sickness, or one to protect you against all three.

The quotes for mortgage cover in the UK vary greatly from lender to lender and for this reason it is essential that you shop around for the insurance. Quotes can vary by hundreds of pounds so it is really worthwhile getting several quotes, making sure that you get them from specialist providers as they are very often the cheapest when compared to the high street lender.

The majority of people who have a mortgage are mistaken in thinking that help by the State would be given to help you in your time of need, however very little financial help is given even if you are entitled to receive it. This means that it is down to you to protect the roof over your head against the unknown and mortgage payment protection could be the answer providing you meet the requirements of a policy.

Another misconception the consumer is under is that mortgage cover UK policies have to be taken out alongside the mortgage from the same lender; however this is dearest way to purchase peace of mind. High street lenders often charge way over the odds for the premium and often know very little about the products they are selling. As such the consumer gets little advice - if any - regarding the product’s suitability, and this led to many consumers buying a policy that they didn’t need and wouldn’t be able to claim on due to exclusions it.

The mis-selling of payment protection insurance products, of which mortgage cover is one, was brought to light after a super complaint by the Citizens Advice in early 2005 to the Office of Fair Trading (OFT). Following this an investigation by the Financial Services Authority, lead to many big names receiving fines and the sector was passed on to the Competition Commission. The Competition Commission conducts in-depth investigations into major regulated industries and it is thought the review will be completed by February 2009 by which time changes for the better will be made when buying mortgage cover.

For the time being, if you wish to purchase a quality, cheap mortgage cover UK policy, then go with a standalone and specialist provider after getting several quotes and make use of the information that they will give regarding the exclusions and key facts within mortgage cover policies to ensure that a policy is right for you.

Mortgage insurance must be understood before you buy

mortgageprotection — Wed, 16 Jul 2008 01:57:56 CDT

While mortgage insurance could be a lifeline if you should find yourself out of work it can also be nothing but a waste of money if you haven’t ensured that a policy is suited to your needs. If you want peace of mind by taking out mortgage insurance then it is essential that you make sure you understand the product before making the purchase.

A mortgage insurance policy (also called mortgage payment protection insurance -MPPI) can provide you with a tax free sum of money each month to pay your mortgage repayments if you should become out of work due to an accident, sickness or unemployment and once you have been out of work for 30 days.

Good value policies will be backdated to the first day that you came out of work and will continue to provide you with an income for up 12 months and, with some providers, for up to 24 months. If you want to cover your mortgage repayments for just the possibility of coming out of work due to unemployment through being made redundant then you can. You also have the option of taking out the mortgage insurance cover to protect against just accident and sickness or you can cover for all three. Mortgage insurance is also called ASU, accident, sickness and unemployment benefit.

A mortgage insurance policy can be a worthwhile product to have if you should find yourself without an income through being out of work as the Government will give very little help even if you have should qualify for financial assistance. When it comes to your mortgage, without cover you are putting the roof over your head at risk if you can’t find the money to continue paying your mortgage.

When it comes to mortgage insurance, premiums vary widely from lender to lender and the cheapest premiums are often offered by a standalone and specialist provider of the insurance. The difference in quotes from a specialist provider and the high street lender is often huge and of course the specialist provider will know their products inside out and will give good advice regarding the exclusions within a policy.

Exclusions mean factors that could mean you are ineligible to make a claim on a mortgage protection policy and the most common include not working full time, being self-employed, retired or suffering from a pre-existing condition at the time of taking out the policy and trying to claim for this condition. The exclusions are usually within the small print of a policy and it is essential that you read the terms and conditions.

A standalone provider will always make clear the exclusions within a policy along with giving you the key facts regarding a mortgage insurance. It is essential that you don’t take any chances with mortgage insurance and you ensure that a policy is suitable for your needs. If not then you will not only have wasted a great deal of money but you are also at risk of losing your home.

Mortgage insurance cover: Does it do the job it’s supposed to do?

mortgageprotection — Tue, 15 Jul 2008 02:47:57 CDT

Unfortunately some people have found the answer is ‘no’ to the above question only when they have come to make a claim on their policy and found that due to the exclusions within their policy they aren’t eligible to make a claim. It is essential that you ask yourself the above question before you buy your mortgage insurance cover, not after.

Mortgage insurance cover is an insurance policy that, when bought correctly, can provide you with a monthly fixed income which is tax free and which would start to pay out after you have been out of work, typically after 30 days, due to accident, sickness or unemployment. The majority of policies pay out for up to 12 months and in some case for up to 24 months, depending on the provider and policies can be taken to protect against unemployment alone; accident and sickness only; or for all three.

However, you have to make sure that you would be eligible to claim against your mortgage insurance cover policy and this means making sure you read the small print which contains the exclusions and the terms and condition of cover.

The mis-selling of protection policies, of which mortgage insurance cover is one, was highlighted in early 2005 after a super complaint was made to the Office of Fair Trading by the Citizens Advice. Following this an investigation by the Financial Services Authority (FSA) cumulated in several well-known companies being fined for the mis-selling of protection policies.

Mis-selling of the protection included not making sure the consumer understood the product before they purchased their policy - such as any exclusions. Examples of this include selling protection to those who are retired, those who are self-employed and not making sure that the consumer understood that any pre-existing medical conditions at the time of taking out the policy would be excluded.

Along with this, some high street names were found guilty of coercing their customers in to buying the insurance and not making it clear that the cover can be purchased independently, often for a much cheaper cost.

Mortgage payment cover can be an essential product as it could make the difference between you losing your home if you haven’t got an income with which to meet your mortgage repayments or keeping the roof over your head. When purchased sensibly it can do the job it’s supposed to do, but it is essential that you take the time to shop around for the cover and choose to buy it from an independent specialist provider.

A specialist can save you a lot of money on the premiums for the mortgage insurance cover along with selling you a quality product and giving the essential advice needed in order for you to make the right decision over the policy’s suitability for your circumstances. Always make use of this advice and never be afraid to question the lender if you are unsure of anything before you commit yourself to mortgage insurance cover.

Mortgage insurance cover UK policies still under review

mortgageprotection — Tue, 15 Jul 2008 01:18:43 CDT

With the mortgage and payment protection insurance sector still currently under review it is now more essential than ever that you be aware that you can shop around for the your mortgage insurance cover UK policies and get cheapest premiums along with the best advice possible.

After it was found that payment protection insurance policies, including mortgage insurance cover UK policies, were being mis-sold, the Citizens Advice made a super complaint to the Office of Fair Trading (OFT). Following this many big high street names were fined by the Financial Services Authority. The sector was then referred onto the Competition Commission who conducts in-depth inquiries into the regulation of major regulated industries. The review is set to conclude by February 2009 by which time it is hoped that fairer treatment will be ensured for the thousands who wish to protect their mortgages with a mortgage insurance cover UK policy.

Mortgage insurance cover in the UK is taken out to protect against becoming out of work due to redundancy, sickness or accident, and so losing your income. As your mortgage repayments are the biggest outlay, and of course are essential to keeping the roof over your head, you should do all you can to protect them. Mortgage cover UK policies can, when purchased correctly, give you a tax free monthly income to cover your mortgage repayments and typically would start after you have been out of work for around 30 days. The cover would continue for up to 12 months which is usually ample time for you to get back on your feet again although some providers will pay out for up to 24 months.

Quotes for mortgage protection will vary from provider to provider and of course will depend on how much you want to be insured for and how old you are at the time of applying for the cover. It will also depend on whether you want the cover to protect against just unemployment through involuntary redundancy or to protect against coming out of work through accident or sickness. Or, if you wish, you can take protection to cover against accident, sickness and unemployment. Mortgage insurance policies are also called mortgage payment protection insurance or ASU insurance.

Many people who have a mortgage wrongly assume that the State would step in and give a helping hand if you lost your income. While in some cases you can get help, the financial assistance you get is very little even if you qualify. Unfortunately this means that you stand a real risk of losing your home if, through no fault of your own, you cannot afford to keep up your mortgage repayments. This is where a good mortgage payment protection policy can come into its own providing of course that you understand the exclusions and have made sure a policy is right for your circumstances.

The best way to ensure that you get all the information needed to make a decision about a mortgage insurance cover UK policy’s suitability is to go to a standalone provider for the policy. A specialist provider will always ensure that they give not only the best information but will often provide the best quality product along with offering the cheapest premiums for mortgage insurance in the UK.

A specialist provider can give you the cheapest quote

mortgageprotection — Mon, 14 Jul 2008 03:17:20 CDT

There have been many problems associated with unemployment insurance, one of them being the fact that the cover can be a very expensive addition to an already over stretched budget. However, you have to know where to look to get the cheapest unemployment insurance quote. The cheapest is more often than not with an independent provider, someone who specialises in payment protection. It is still essential that you shop around amongst providers as quotes will vary sometimes by a great deal from provider to provider.

Of course before you shop around for the unemployment cover and quotes you will have to decide what cover you need, and what is the most suitable for your circumstances as asu insurance is covered by three main types of policy. If you want to cover your general monthly essential outgoings then protecting a loss of income with an income protection policy might be what you need. If you have a mortgage and have to pay a huge chunk of your income to your mortgage lender each month then mortgage payment protection insurance will give you the income to do so and payment protection insurance will cover such repayments as loan and credit card.

All unemployment insurance policies typically will start to pay out after 30 days of being unemployed and will continue to provide you with a tax free sum of money each month for up to 12 months, however some providers pay out for up to 24 months, providing of course that you fit the criteria outlined in the policy.

It is also essential that you understand the quote you are given, unemployment insurance is a very complicated matter and the quote is just the beginning. The majority of ethical lenders will make the cover as open as possible and the quote you are given for the cover will be for every £100 of cover that you want insured, but check this when making comparisons. The quote will also depend on if you want just unemployment cover alone; or accident and sickness cover only; or if you want all three together for full protection against losing your income.

What you are covered for is also another issue to consider. Unemployment cover will provide an income if you should come out of work due to sickness, accident or unemployment, but there are certain things that aren’t covered by the policy and it is essential that you clearly understand these before purchasing your policy. If you aren’t told about these or don’t bother to read the small print then you could find that you aren’t able to claim and the policy is just a waste of money.

An unemployment insurance policy can be a great product and it can work they way it is designed to work, but consideration has to be given to your circumstances. Going with a standalone provider and buying the cover independently as opposed to taking the cover offered at the time of the loan, credit card or mortgage can save you a lot of money on the premiums. Not only this but a standalone provider will often have more ethics when it comes to selling their products and as such provides all the information for you to make the right choice over a policy’s suitability for your circumstances. Always read the small print and be aware of the many exclusions in all unemployment insurance policies and if in doubt then lean on a specialists experienced and ask for advice before committing yourself.

Shop around for mortgage payment protection insurance premiums

mortgageprotection — Mon, 14 Jul 2008 01:42:58 CDT

When it comes to getting the cheapest possible mortgage payment protection insurance premiums then it is essential that you shop around for several quotes with standalone providers. The premiums for mortgage insurance do vary considerably depending on where you choose to take the policy; the high street lender will often charge way over the odds for the cover when compared to a standalone provider.

Mortgage payment protection insurance (MPPI) is one of a family of protection insurance policies that cover your monthly mortgage repayments. In the case of mortgage payment protection insurance, the repayments it provides cover for are your mortgage. This essentially means that if you were to come out of work after suffering an accident, being ill or through unemployment of no fault of your own, you wouldn’t have to worry about losing the roof over your head.

Mortgage cover isn’t suitable for everyone though and you have to ensure that you would be able to make a claim on a policy if you should need too. A good policy would start to pay you a monthly tax free income each and every month for up to 12 months - in some cases 24 months - once you have been out of work for a pre-defined period of time – usually 30 days. Good policies will pay your claim back to day one.

Getting the lowest mortgage payment protection insurance premiums shouldn’t be your only concern when it comes to the product. Getting a quality product along with the advice needed in order for you to make a decision regarding the policy’s suitability is also imperative.

There are many exclusions within policies which could mean that you wouldn’t be able to claim. If you have a pre existing medical condition and were to come out of work due to this then you wouldn’t be able to claim on your policy. Those who are retired, self employed or only work part time would be ineligible to claim and many common medical problems are also excluded from a policy. While mortgage payment protection insurance can be a lifeline it isn’t suitable for all circumstances and you have to ensure it is suitable for yours.

Mortgage payment protection insurance premiums have been a cause for concern during a recent and still ongoing investigation by the Financial Services Authority, along with the lack of information given to the consumer at the time of purchase. Poor selling practises have led to several well known companies being fined by the Financial Services Authority (FSA) after it was found they didn’t give the necessary information to the consumer or ensured that the consumer would be eligible to claim on their policy. The sector is currently under review by the Competition Commission and their findings are expected to be made public early 2009.

While getting the cheapest mortgage payment protection insurance premiums is desirable they mean nothing if you wouldn’t be able to make a successful claim on your policy. When it comes to protecting the roof over your head a mortgage payment protection plan can do this, but only if you are sure that you meet the criteria defined in the policy before purchasing it.

The importance of getting several mortgage payment protection insurance quotes

mortgageprotection — Fri, 11 Jul 2008 03:01:15 CDT

It is vital that you get several mortgage payment protection insurance quotes if you are to get the best quote for your policy premiums. The cheapest quotes will be found with the standalone provider and the dearest end of the scale is with the high street lender, so shopping around could end up saving you thousands in total for the advantage of having peace of mind and security when it comes to your mortgage repayments.

Mortgage payment protection insurance (MPPI) is considered to be a lifeline that could make the difference between you losing the roof over your head and comfortably managing to carry on making your monthly mortgage repayments. Providing your lifestyle fits the policy then it would start to pay out after you had been out of work for 30 days or more due to having an accident, suffering an illness or through unemployment such as redundancy. A policy will generally continue to provide you with a tax free income for up to 12 months (in some cases for up to 24 months) which is more than enough time for you to get back on your feet.

While getting the cheapest mortgage payment protection insurance quotes is essential this isn’t the only reason for shopping around and going with a standalone provider for the protection. High street lenders have come under fire in the past for not giving out the essential information regarding policies and the exclusions within them. An investigation into the sector materialised after a super compliant by the Citizens Advice to the Office of Fair Trading. Following this, several high profile companies were fined. They were fined for not giving out essential information and ensuring that a policy was in the consumer’s best interest.

The sector is still under the watchful eye of the Financial Services Authority (FSA) and also the Competition Commission, who hope to have their review completed by February 2009.

The mis-selling of policies have been wide spread and it is hoped that many changes for the better will be the result of the ongoing investigation and review. One recent change has been the way that mortgage payment protection insurance is sold online. Until recently companies relied on pre ticked boxes as a way of including the insurance with a mortgage. However some consumers didn’t realise they had to un tick the box if they didn’t want the cover which resulted in them buying policies that they didn’t want and wouldn’t have been able to claim on. While this is a step for the better there are plenty of more factors that need resolving and one of them is the fact that the majority of consumers don’t even realise they can shop around for the cover and buy it independently.

Consumers do have the option of shopping around and this is essential, not only can you get the cheapest mortgage payment protection insurance quotes but you are also provided with the essential information that you need to make the decision over whether a policy is in your best interests.

A mortgage payment protection insurance UK policy could be your lifeline

mortgageprotection — Fri, 11 Jul 2008 01:23:01 CDT

If you have taken any notice of the negative side of taking out a mortgage payment protection insurance UK policy then you might think twice about purchasing the cover. However, mortgage payment protection insurance as a product can be a lifeline if you have made sure that a policy is suitable for your needs and you fit the criteria outlined.

Mortgage payment protection insurance UK policies are taken out if you have a mortgage and are worried that either through accident, sickness or unemployment you might be out of work and therefore suffering from a lost income. A policy could provide you with a tax free sum of money each month - typically after you have been off work for 31 days - and continue to pay for up to 12 months, and in some cases, up to 24 months. However it isn’t a lifeline for those that are ineligible for claim as, with all insurance, there are exclusions within all mortgage payment protection insurance UK policies.

Finding this valuable information so that you can ensure a policy is suitable for your needs can be harder than it sounds unless you know where you look to get it. Buying your policy alongside your mortgage from the high street lender is not the way to go as they give very little information at the time of purchase. In fact, high street lenders are notorious for making huge profits on the sales of all payment protection policies, of which mortgage payment protection insurance is just one. Due to this they monopolise the sector and sometimes do not give out essential advice but often mislead the consumer into believing the cover has to be taken with them at the time of purchasing a mortgage.

Certainly, some companies have been fined for the lack of information the give and not ensuring that a policy is in the best interests of the consumer. This was highlighted by a super complaint by the Citizens Advice which sparked an investigation into the sector by the Financial Services Authority (FSA). Following this investigation several companies were for not having the consumer’s best interest at heart.

There are alternative ways of buying a mortgage payment protection insurance UK policy if you want a financial lifeline. The best way to ensure you get a quality product is to shop around for the cover and get several quotes from standalone providers. A standalone provider will be more ethical than his high street counterparts and will ensure that you have access to the vital information needed to make a decision. One of the main causes of mis selling was due to the many exclusions within mortgage payment protection insurance UK policies. For example, if you don’t work full time are retired or self employed then a policy is a waste of money. However, mortgage payment protection insurance UK policies have been sold to people such as this because they weren’t aware of the exclusions. If you want mortgage payment protection insurance in the UK to give you a financial safety net, then shop around, learn as much as possible about the key facts and exclusions in a policy and buy your cover with the certainty that you could claim should you need to.