Mortgage Insurance Can Be Your Safety Net But Check The Small Print
Mortgage insurance can be a very valuable safety net on which you can fall but in order for it do the job thats its designed to do then you have to read what is in the small print that comes with a policy and decide before purchasing it if it would be in your best interests to have the cover.
It is the exclusions that you have to be aware of with any type of insurance and mortgage insurance is no different. Some of the most common reasons that keep people out of work are included in most policies, such as back problems and problems relating to stress. Also if you are self employed, retired or suffer from a pre-existing medical condition then these are all in the exclusions too.
Mortgage insurance – otherwise known as mortgage payment protection or ASU insurance – will pay out a monthly tax free sum of money which ensures that you can carry on meeting your mortgage repayments and dont have to worry about losing the roof over your head if you were to lose your income. Cover will pay out after you have been out of work for 30 days and will continue for up to 12 months and with...
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