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.
Mortgage Protection Insurance
Thursday, August 28, 2008
Wednesday, August 27, 2008
Redundancy Protection
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.
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.
Tuesday, August 26, 2008
Mortgage Unemployment Insurance
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.
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
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.
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
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 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.
Monday, August 25, 2008
Mortgage Insurance Cover
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 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 Cover UK
Mortgage cover UK can be bought for much cheaper premiums if you get a quote with a standalone provider. While you might think that taking out the policy would be easier and cheaper if you simply allow the mortgage lender to add it into the loan, it is certainly not the cheapest way to protect your borrowings.
In fact lenders on the high street often add in the protection over the entire loan and then you pay interest on top of this. This can boost up the cost of the borrowing considerably and goes towards the lender making £4 billion in profits on the protection each year. A standalone policy of the other hand can be taken out for a premium which is paid each month. The premium is based on the amount you wish to protect, level of the cover needed and some providers offer age based protection.
You would have to decide what level of protection you wanted for the repayments. You could take out a policy to protect against the possibility that you might lose your income to unemployment by such as redundancy. You can also choose to protect against accident and sickness only. Alternatively you could take out protection to safeguard against the possibility of accident sickness and unemployment together.
Mortgage cover UK specialist British Insurance offer an age based policy which means that young first time home buyers who stretch their outgoings to the limit can afford to protect their repayments. As much as 40% can be saved on premiums by taking a quote from British Insurance. You do have to read the terms of any policy you are considering taking on as different providers will give different starting and end dates. Some providers of mortgage cover UK would ask you are unemployed or unable to work for at least 30 continuous days. Others might ask a wait of 90 days before you are able to make a claim. Some such as ethical British Insurance would also backdate the cover to the first day of you falling ill, suffering an accident or when you became unemployed.
Mortgage cover UK should be at the top of the list of all insurance policies you are considering. After all it is no good taking out home insurance to protect the contents and shell of the home if you cannot maintain your mortgage and the lender takes you to court to repossess your home. A policy can ensure that you have a tax-free sum of money coming into the home to be used solely to pay your mortgage when it is due and this gives peace of mind and security for the policies term.
In fact lenders on the high street often add in the protection over the entire loan and then you pay interest on top of this. This can boost up the cost of the borrowing considerably and goes towards the lender making £4 billion in profits on the protection each year. A standalone policy of the other hand can be taken out for a premium which is paid each month. The premium is based on the amount you wish to protect, level of the cover needed and some providers offer age based protection.
You would have to decide what level of protection you wanted for the repayments. You could take out a policy to protect against the possibility that you might lose your income to unemployment by such as redundancy. You can also choose to protect against accident and sickness only. Alternatively you could take out protection to safeguard against the possibility of accident sickness and unemployment together.
Mortgage cover UK specialist British Insurance offer an age based policy which means that young first time home buyers who stretch their outgoings to the limit can afford to protect their repayments. As much as 40% can be saved on premiums by taking a quote from British Insurance. You do have to read the terms of any policy you are considering taking on as different providers will give different starting and end dates. Some providers of mortgage cover UK would ask you are unemployed or unable to work for at least 30 continuous days. Others might ask a wait of 90 days before you are able to make a claim. Some such as ethical British Insurance would also backdate the cover to the first day of you falling ill, suffering an accident or when you became unemployed.
Mortgage cover UK should be at the top of the list of all insurance policies you are considering. After all it is no good taking out home insurance to protect the contents and shell of the home if you cannot maintain your mortgage and the lender takes you to court to repossess your home. A policy can ensure that you have a tax-free sum of money coming into the home to be used solely to pay your mortgage when it is due and this gives peace of mind and security for the policies term.
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