Mortgage payment protection insurance has now become the top priority for most of the UK residents who have availed a mortgage, as they are much concerned about the safety of their job. Aside from the job security, injury, sickness, disability or even unemployment comes unannounced in one’s life at any moment. All these difficulties can make it impossible for any borrower to make the monthly mortgage payments.
Few things that should be kept in mind while deciding on mortgage payment protection insurance:
- Unemployment mortgage insurance- Due to the present hard economic times, many homeowners are now in search of a mortgage insurance for protecting their monthly mortgage payments. For all these people, unemployment mortgage insurance offers a great opportunity to protect the roof over their head in case of financial exigencies when they have no money to make monthly installments. This insurance is being offered to the UK residents at affordable rates and best possible terms.
- Know your needs- It is necessary for the homeowner to calculate the amount that would be required for repaying the monthly mortgage payments for certain period of time. This amount is paid for a certain period (for few months) until the buyer finds a new job. Therefore, it is important for the applicant to know his needs.
- Choose the mortgage payment protection according to the needs- Many UK providers offer various versions of mortgage protection insurance according to one’s needs such as injury, illness, unemployment, the mortgage amount and the duration of the cover.
- Avail mortgage payment protection insurance as life insurance- This policy beneficial in case of the sudden death of the policy owner. In this policy, the insurance provider will pay the total mortgage amount in one single installment after the death of the policy owner. This is highly beneficial for the dependents as they will not lose the house in case of the sudden death of bread winner.