UK Mortgage Protection

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

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

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

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

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

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 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.

Mortgage cover in the UK

Mortgage cover in the UK can help you to maintain the repayments of your mortgage despite the bad publicity that has surrounded the protection. In 2005 the Financial Services Authority and the Office of Fair Trading began investigating the sector on the whole, which resulted in several major names on the high street receiving fines for mis-selling. However it is essential to remember that it is not the products fault but those who continue to sell with little experience. The majority of problems relate to the lack of information regarding the exclusions of mortgage cover in the UK.

Exclusions are to be found in all payment protection policies and how many are in the policy will depend on the provider. Some providers will add in many while others just the most common. They have to be checked against your circumstances if you are to be sure that you would be able to put in a claim on the policy.

You also have to check for when your policy would start to payout and for how long. Different providers state different times. This is usually between days 30 and 90 of being continually unable to work or of being unemployed. The policy would then pay benefit each month for between 12 months and 24 months before it would expire. The cost of the protection will depend on how much of the repayment you are covering, your age and level of protection. Age based protection from a specialist payment protection provider such as British Insurance would allow savings of as much as 40% and means even younger homebuyers can afford to protect their home.

Mortgage cover in the UK can be taken out to protect your mortgage repayments against accident sickness and unemployment. Accident and sickness only or unemployment only based on your situation. Mortgage cover in the UK is a necessity for those who have a mortgage to repay for many years. Redundancies happen and so do accidents and illness and despite this you have to be able to carry on paying your mortgage repayments. If you cannot keep up with your repayments then you risking the lender taking repossession of your home. Even just one missed payment will see the lender sending out a letter asking you to get in touch with them. You would have to show that you are able to catch up while at the same time keeping up with the repayments. If you cannot and continue to be unable to pay then repossession will be imminent.

Compare Mortgage Cover in the UK

To compare mortgage cover in the UK is a must and you also have to be aware of your options for taking out what could be valuable protection. To begin with you do not have to take what is offered when taking on a mortgage. Standalone providers such as British Insurance will offer the cheapest monthly premiums and also the advice essential to determining if a policy is suitable.

Mortgage protection with them can be taken out to cover against the possibility that you could suffer an accident or illness or become unemployed while repaying your mortgage. However you might not want to cover for all three eventualities. British Insurance offer protection that can be taken just for unemployment by such as being made redundant. They also offer you the chance just to safeguard against becoming incapacitated and being unable to work. If you compare mortgage cover in the UK, such as this, you will see that all companies do not do the same.

The level of cover will determine how much a policy costs along with how old you are and the amount you wish to protect.
Age based policies mean that even the younger generation who take on massive borrowings to buy their home can now afford to protect that borrowing. Sometimes first time home buyers stretch their budget to the absolute maximum and adding on another outgoing is impossible. However every homeowner needs to have a back up plan to fall back on. Relying on savings or the States help could mean you are risking losing your home. Savings might not last for many months and State benefits would only go towards so much of the interest part of the mortgage.

The primary thing you should think about when you compare mortgage cover in the UK, is that you would be able to meet your repayments each month for the mortgage. This would allow you to concentrate on making a full recovery instead of having to rush back to work when you were still unfit. In the case of unemployment it would give you plenty of time to search for work. Policies pay out after so many days of unemployment or incapacity and with British Insurance this would be from the 30th day and up to 12 months. Other providers could put in their terms that you cannot claim until the 90th day and others may extend the payout for 24 months. In order to get the best deal you therefore need to compare premiums, exclusions and when and for how long the policy would last before expiring.

Mortgage Payment Protection Insurance

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 realize 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.

Independent 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

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

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

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

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

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

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

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?

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

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

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

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

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

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.

Mortgage payment protection UK policies explained

When it comes to almost any type of insurance then policies that come with the cover are filled with technical jargon that only those in the financial sector can understand. When it comes to mortgage payment protection UK policies then this is no exception and is one of the main reasons why the sector has been and still is under investigation and review.

After the Office of Fair Trading (OFT) received a Super Complaint from the Citizens Advice, the Financial Services Authority began an investigation into the sector as well as the OFT. Eventually it was referred to the Competition Commission whose findings are expected in early 2009. Although payment protection insurance policies are the main focus of the Competition Commission review, mortgage payment protection UK policies are also being included, too.

Several well known names in the financial arena have been fined by the Financial Services Authority (FSA), the main reasons that essential facts regarding a policy and the exclusions within it were not always highlighted to the consumer.

Mortgage payment protection UK policies, sold correctly, are invaluable to any homeowner who qualifies for the cover. It is a financial lifeline for those who find themselves out of work after suffering from an accident, a sickness or through unemployment such as redundancy. Providing a policy is suitable for the individual’s circumstances it will provide a monthly tax free income which would ensure that the policyholder will be able to meet their mortgage repayments each month, with the cover paying out for up to 12 months and in some cases 24 months.

A mortgage payment protection UK policy takes up where the State fails when it comes to providing a homeowner with help to keep the roof over their head. The State gives very little financial help when it comes to mortgage repayments should an individual find themselves out of work this way.

However, mortgage payment protection insurance has never been the easiest product to understand even if you are presented with the facts unless they have been clearly explained in plain English. In the past many people who have bought the cover online have purchased the cover without even realising they have done so. This was due to the many proof-hungry lenders using a pre ticked check box which the consumer has to un tick if they didn’t want the cover.

Thankfully due to the investigation by the Financial Services Authority this has now been changed and it is hoped that by the time the Competition Commission’s review and investigation is completed mortgage payment protection in the UK will be explained much more clearly allowing the consumer to fully understand the product they are buying and to know the product is right for their needs.

Mortgage payment protection UK policies could mean the difference between you losing your home and keeping it, but only if the product is suitable for an individual’s circumstances. By shopping around with standalone providers and taking advantage of the information an ethical provider will give, you can ensure that it is right for you before committing yourself. You do have a choice when it comes to buying mortgage payment protection in the UK and you need to exercise that right and use it to your advantage.

Mortgage protection: A lifeline or noose?

If you have purchased or are considering purchasing mortgage protection from a high street lender then think again, for unless you are really careful you could be placing a noose around your neck. Much has been made of how the high street banks and lenders have, in the past, ripped off their unsuspecting customers by selling over priced, often unsuitable cover. However, if you shop around for the cover and take the option of going with a standalone protection specialist then you would probably buy the lifeline a mortgage protection policy should be.

Ideally mortgage protection is taken out to provide those who have to keep up with their mortgage repayments with a monthly income if they should become unable to work after having an accident, an illness or being made redundant. Policies continue to pay out for up to 12 months and in some cases 24 months, which can indeed be a lifeline in protecting the roof over your head and stopping repossession due to not being able to afford your mortgage repayments.

However, as with all insurance, there are exclusions in a mortgage protection policy and this means the product isn’t suitable for everyone. There is a thin line when it comes to determining if mortgage protection is a lifeline or noose and it all basically boils down to the fact of whether you understand a policy or not. The majority of people don’t understand a policy - how could they be expected to when they are filled with what only can be described as technical jargon. Luckily there are lenders in the sector that realise this and campaign for the cover to be explained clearer while doing their bit and giving you the information you need to ensure you don’t hang yourself with an unsuitable policy.

Many high street lenders at the other end of the scale would gladly help you place the noose there and pull it tighter by selling you a policy that is filled with exclusions which of course they haven’t explained to you at the time of selling the policy. They will also charge you an extortionate premium for a policy which could essentially be worthless to you. This has been the number one reason for the fines handed out by the Financial Services Authority (FSA) during their investigation spanning two years and which is still underway while the sector has also been referred to the Competition Commission (CC) by the office of Fair Trading.

In early 2007, several well known financial companies were fined by the Financial Services Authority due to not ensuring mortgage protection was right for consumers. However, with the FSA and the CC looking at the payment protection sector as a whole, positive changes will be made in the industry and cover will be made more transparent for the consumer. Mortgage protection is supposed to be a lifeline, this is what it was designed for and is what it should do and by the time the CC and the FSA have completed their respective review and investigation hopefully mis-selling will be a thing of the past and mortgage protection will have a better future, as will the consumer.

Mortgage protection cover UK policies can work

A mortgage protection cover UK policy can work and can do the job that its supposed to do but it is down to the consumer themselves to ensure that they do everything they possibly can to understand the ins and out of the cover and to realise that it isn’t suitable cover for everyone, as there are exclusions which could stop you from claiming.

A mortgage protection cover UK policy is an invaluable product, despite the bad reputation it has earned for itself during the last few years. However, in all fairness, you should understand that the product itself isn’t to blame but rather those that sell the protection. The majority of problems have stemmed from policies that have been sold alongside loans and mortgages at the time of taking out the mortgage; with the high street lender this has been a lack of information on the part of those selling the product. On the internet one of the biggest problems recently highlighted has been the use of pre ticked boxes which the consumer didn’t realise they had to un tick if they didn’t want the cover. This led to them unwittingly buying a policy that they may not have needed or may have been ineligible to claim on.

After an investigation by the Financial Services Authority (FSA) many online sellers of mortgage protection cover UK policies agreed to change the way they sell the insurance. Investigations in to the protection insurance industry began in 2005 after a Super Complaint by the Citizens Advice to the Office of Fair Trading. Subsequently, many well known financial organisations were fined for their sloppy sales practices and for not having the consumer’s best interests at heart.

A mortgage protection cover UK policy is a type of insurance that is taken out to safeguard against the possibility that you might become out of work after suffering from an accident, an illness or unemployment. Providing your circumstances are in line with the policy then it would pay out a fixed income each month which is tax free after you have been out of work, usually for 30 days or more. It would continue to provide you with this income to ensure that you wouldn’t be struggling to make your monthly mortgage repayments and so wouldn’t have to worry about losing your home due to repossession. The cover would continue to provide you with this income for up to 12 months and some providers give 24 months on their policies.

It is essential that you shop around as mortgage protection cover UK policies do vary greatly in the premiums that are charged as well as the quality of cover offered. Historically, the high street banks and lenders charge way over the odds for the cover with premiums often adding thousands more than they need to onto the total cost of the mortgage. The cheapest premiums can be found by going with a standalone provider. The standalone provider not only offers the cheapest premiums which saves you money but also will provide you with the essential information and key facts of the mortgage protection cover UK policy which ensures that you are able to make an informed decision before buying.

Mortgage protection insurance can confuse many consumers

The very product that is supposed to help the consumer in their time of need can be confusing and hard to understand which means that many times an individual ends up buying a product that they cannot possibly hope to claim and which should never have been sold to them in the first place. The simple fact is that mortgage protection insurance, sold incorrectly, confuses some homeowners.

There are many reasons why mortgage protection insurance can be confusing, the first is the high street lender will push the cover alongside the mortgage while at the same time not always giving out vital information regarding what the cover entails and also without making the consumer aware of the total amount they will be paying for their cover over the term of the mortgage. Mortgage protection insurance when bought this way can add thousands onto the cost of the mortgage over its lifetime and could leave the policyholder open to the risk of losing the roof over their head if they should become out of work.

Sold correctly, mortgage protection insurance provides invaluable cover against the fact that you could find yourself without an income if you were to come out of work through having an accident, suffering an illness or through unemployment through no fault of your own.

Providing you have been informed of the exclusions then a mortgage protection insurance policy would pay out after you have been out of work for 30 days or more and would ensure that you had a tax free income each month to pay your mortgage each month. This income would last for 12 months and in some cases up to 24 months, which would be ample time for you to get back on your feet again and back to work while keeping the roof over your head. A policy can be bought to guard against becoming out of work through accident and sickness only; unemployment only; or accident, sickness and unemployment. The cover is sometimes called ASU which is accident, sickness and unemployment cover.

The biggest factor that has led to several well-known financial companies being fined by the Financial Services Authority earlier in 2007 after a super complaint by the Citizens Advice to the Office of Fair Trading, was that the consumer is unaware of the many exclusions. These include being self employed, retired, or only working part time.

Many policies were sold without ensuring that the homeowner was aware of these conditions which meant that they couldn’t hope to claim on them. The Financial Services Authority (FSA) has fined many leading names for failing to ensure that a policy was suitable for the consumer when it came to the terms and conditions. The investigation and review by the Competition Commission is still underway and should reach its conclusion by February 2009 when it is hoped that changes for the consumers best interests will be made, for at the present, for some homeowners, mortgage protection insurance is just too confusing.

Unemployment Cover the right way

While unemployment cover isn’t suitable for everyone, for those who do qualify and purchase a product it can mean the difference between struggling to find the money each month for your essential outgoings if you lost your income and knowing that if you came out of work, you would receive an income from your unemployment cover.

When unemployment cover is bought correctly and care has been taken to ensure that you fit the criteria outlined in a policy, it can be a very valuable product if through accident, sickness or unemployment you were to lose your monthly income. A good quality unemployment cover product should start to pay out from the 31st day you have been out of work and would give you a tax free income to ensure that you wouldn’t be left struggling to meet your financial commitments each month. The majority of providers offer policies which pay out for up to 12 months and in some cases a provider will offer a policy that lasts for up to 24 months.

Unemployment coveris divided into three different main types of policy; these are loan payment protection, mortgage payment protection and income protection insurance. All policies can be taken out to just safeguard against the possibility that due to unforeseen circumstances you should become unemployed, through such as being made redundant, or they can be taken out to include being out of work due to an accident or sickness.

While unemployment cover can be a great product it has to be understood in order to make sure that you would be able to claim on your policy, there are exclusions within all policies that mean you might not be eligible to claim, some of the most common include being retired, only working part time and claiming for an illness that was ongoing at the time you took out the policy. High street lenders are very reluctant when it comes to giving out information and policies have been sold by them which couldn’t possibly be claimed on due to the exclusions.

This led to a huge investigation into the sector and products by the Financial Services Authority (FSA) after a Super Complaint to the Office of Fair Trading (OFT) by the Citizens Advice. The Financial Services Authority fined many high street names for mis-selling the unemployment cover protection. The OFT recently referred the sector to the Competition Commission who is conducting an in-depth inquiry into the sector of which should be completed by February 2009.

There are some issues that need addressing in the unemployment insurance sector but unemployment cover is still a valuable product to have when purchased correctly. For the best advice and information regarding unemployment insurance look around and get several quotes from standalone providers for the cover and don’t be tempted to take the cover that is offered alongside loans, credit cards and mortgages. Taking the cover offered by the high street lender often means you won’t get the information needed to make an informed decision regarding the product and you will pay more for the insurance quote than you would have if you had gone a standalone specialist.

Mortgage protection insurance cover could save your home

If you are in full time work and have the commitment of paying a monthly mortgage then you will no doubt have at sometime or another had the odd day off work. And while the odd day doesn’t make such a huge difference to your income having a month or more off could have a serious financial impact and could seriously affect your ability to meet your monthly mortgage repayments. If you were to be out of work for a few months then this could mean that you stand the risk of having your home repossessed if you cannot keep up with the mortgage repayments, however mortgage protection insurance cover could save your home.

Mortgage protection insurance cover is one member of a family of payment protection insurance (PPI) policies that can, when purchased correctly, ensure that you would have a monthly income to cover your mortgage repayments and associated costs if you should become out of work due to having an accident, suffering an illness or becoming unemployed through such as redundancy.

The cover is sometimes called ASU which is stands for accident, sickness and unemployment, and a policy can be taken out to safeguard against accident and sickness only; unemployment only; or accident, sickness and unemployment together.

Quotes for the mortgage protection insurance cover are given on the amount that you wish to protect each month and if you shop around for the cover and get your quote from a standalone provider then you can be sure of obtaining the cheapest quotes for the premiums. If you take the mortgage protection insurance cover that is offered alongside the mortgage from the high street lender, then the premiums could be sky high over the term of your mortgage. Also, historically, high street banks and lenders often fail to provide pertinent information regarding the key facts and exclusions within a policy. In a nutshell, this could mean that you buy a product that doesn’t even cover you.

Some of the most common exclusions within mortgage protection insurance cover are if you are self-employed, if you are retired or only work part time. If you should become unable to work due to a pre-existing medical condition then this too would be excluded and you wouldn’t be able to claim for it. There are also many exclusions among common problems that keep people out of work such as back problems and stress related illness, so it is worth checking out the exclusions to ensure that a policy would suit your requirements.

Mortgage protection insurance cover could help you save your home as if you were to be out of work, typically for 30 days or more, a good policy would kick in and be backdated to day one. It would then continue to provide you with a tax free income for up to 12 months - in some cases for up to 24 months with some providers. It isn’t, however, suitable for everyone and only you or a specialist provider can determine if it is. The majority of standalone providers will offer all the information that you need to ensure you are able to make the right choice before committing yourself to a policy. However, be aware that the high street lenders often do not and you must ask about them about the key facts and any exclusions outright.

Is your financial future guaranteed with mortgage protection cover?

Sadly some consumers who took out mortgage protection cover found that their policy didn’t in fact cover them when they came out of work - the worst affected by this revelation may even have lost the roof over their head due to not being able to claim and not being able to afford to meet their monthly mortgage repayments when they came out of work. Fortunately the majority who thought they were covered and who had been mis sold their policy found out in time, so the question every homeowner who has the insurance should be asking themselves is, is your financial future guaranteed with your mortgage protection cover?

If the exclusions that are contained within all mortgage protection cover policies were clearly explained to you or the information was given enabling you to decide for yourself if the protection was right for you then your policy will probably cover you in case you should come out of work due to an accident, sickness or through unemployment.

If this was the case then you probably shopped around for the cover yourself and chose to purchase it independently from a standalone provider. If you bought your policy this way then it should start to pay out once you have been out of work for typically 30 days or more and will continue to provide you with a tax free sum of money each month so you can make your mortgage repayments. If you bought your mortgage protection cover this way then you are one of the lucky ones and have the peace of mind that a policy such as this can give.

If you bought your mortgage protection cover alongside your mortgage from the high street lender then, historically, this could leave you unprotected and you should seriously ask yourself if the cover is suitable for your needs. If it isn’t and the exclusions such as being retired, being self employed, only in part time employment or not being made aware of the many common illnesses and problems that are excluded from the policy, then you unfortunately have probably been mis-sold your policy and need to take action.

The mis-selling of mortgage protection cover and payment protection insurance policies was found to be wide spread after a super complaint to the Office of Fair Trading by the Citizens Advice. Following an investigation by the Financial Services Authority (FSA) several firms were fined for the mis-selling including several well-known financial names. The biggest problem uncovered was the lack of information regarding the key facts and exclusions of policies which left the policyholders unable to make a successful claim, as well as putting them in danger of losing the roof over their head if they came out of work and lost their income.

The review and investigation into the sector is still continuing and it is hoped that by the time they reach conclusion many changes for the better will have been made to the protection insurance industry and in particular the way that mortgage protection cover is sold. The product has to be made clearer to understand and the key facts must be explained at the time the consumer buys the product if they are to have a hope of understanding it.

British Mortgage Protection Insurance

British Insurance offer mortgage protection that would protect the roof over your head after just 30 days of unemployment or incapacity. You would then e able to relax knowing that you had 12 months in which to recover or find work. When you shop around for your policy you can find that some providers will offer a policy that could pay for 24 months. Some might also have you waiting for as many as 90 days before you can put in a claim.

Mortgage protection insurance to protect your home

Losing your home is a nightmare that all homeowners are faced with when paying a mortgage over a period of what is often 25 years. Several missed monthly payments would have the lender seeking repossession of your home. Therefore you have to hope that you will not become a statistic of unemployment by way of redundancy, or hope that you do not have to take a long time away from work due to illness or accident. If you want know that mortgage repayments would be secure then you can choose to take out mortgage protection insurance to help protect the roof over your head.

Mortgage protection insurance would provide you with a tax free sum of money to fall back on each month. You would then be able to continue meeting the agreement of your mortgage and not fall into arrears. This income would allow you freedom to find work again if you had become unemployed or give you time to recover. The majority of policies will pay an income for a period of between 12 and 24 months after being incapacitated or unemployed for between 30 and 90 days, depending on the terms set by the provider.

If you choose to go with ethical specialist British Insurance this would be from the 30th day for up to 12-months. Mortgage protection insurance policies do have exclusions and it is imperative that you check these against your current circumstances to ensure eligibility.

To start with you have to be working full time in the UK, Channel Islands or Isle of Man. Exclusions which are found in general include being of retirement age when applying, if you are in self-employment or you suffer illness at the time of applying that has re-occurred in the 2 years prior to applying. Different providers can add in others so it is always worth double checking the wording of each protection policy you consider taking out.