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The Facts About Mortgage Income Protection

Homeowners do not always understand the importance of having insurance such as mortgage income protection. Unfortunately, this lack of knowledge often puts a person's home at risk of repossession due to sickness or redundancy.

Mortgage income protection takes the pressure off the homeowner,for a period of up to 12 months, and allows them time to either find new employment or recover back to full health without the stress of repossession hanging over them. There are two ways to purchase protection, from the insurers themselves or through a broker or agency, however these usually charge a fee for their services. Insurance company British Insurance offers mortgage income protection that does not just cover mortgage payments.

People who rent can also purchase this type of insurance and it can be adapted to cover other essential payments such as council tax and utilities. Most policies through British Insurance are for a maximum of 12 months and have zero excess for the customer.Payments start at as little as £6.50 a month for basic cover, although prices are subject to certain conditions such as employment, age and financial status.

Leading high-street bank Barclays also offers a competitively priced mortgage income protection. They also offer up to 24 months protection as well as a back to work service for those who have been made redundant. This includes job advice and practical help writing a CV. Barclays' premiums are dependent on factors such as age, health history, gender and whether the person is a smoker. Barclays also only offer protection insurance for people aged 69 years and younger.

Their policy will be cancelled once they reach 70-years-old.This is standard practice with most insurers, with many choosing to end the policy at retirement age. While some people will not welcome the added expense each month, mortgage income protection is well worth the money. It offers peace of mind against life's uncertainties and may well be the difference between keeping your home and facing repossession.

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