As long as you understand what a policy entails and have checked the exclusions against your circumstances then a cheap mortgage payment protection insurance policy could be your financial lifeline. If you were to come out of work after suffering from an accident, illness or through unexpected redundancy then you would still have to find the money each month to repay your mortgage.
If you cannot continue repaying your mortgage then you stand to lose your home to repossession and you cannot rely on the State to step in and help. Even if you qualify for help from the State the financial assistance they do give is very little.
A cheap mortgage payment protection insurance policy could give a tax free income each month to ensure that you have the money needed to keep up with the mortgage repayments. If you are out of work continually for between 31 and 90 days then the policy would start to payout and would continue to do so each month for between 12 and 24 months.
However, while mortgage protection is an excellent way to safeguard the roof over your head it is not suitable for all individuals due to the exclusions. Common exclusions to all policies include...
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