Have you got mortgage payment protection yet?
Many people in the UK are only discovering the benefits of mortgage payment protection. With the economy still struggling to recover, thousands of people are looking for the security only mortgage payment protection can provide.
Mortgage payment protection has been around in the United States for a longer time than in the UK. In the US it is generally known as mortgage insurance and pays out when policy holders die or become disabled. It also covers spouses and partners in mortgages from assuming full responsibility of payments if their partner dies.
In the UK mortgage payment protection generally covers people against losing their job. The cost of mortgage payment protection is extremely reasonable when considering what it covers against. It usually costs around 25% of the mortgage.
Most mortgage payment protection providers will require the unemployed beneficiary to sign on at the local job centre and prove they are actively seeking work.
In most cases there is a set term for how long the mortgage payment protection will be paid. It's usually for 12 or 24 months, but additional months can be added to the policy. This can, however, push the premium up significantly, so make sure it's in your best interests to avail of this option.
The US options are also open to mortgage payment protection policy holders in the UK. If your spouse or partner dies or becomes incapable of paying the mortgage, mortgage payment protection is the only way of sharing the burden. Even if it's just for peace of mind, mortgage payment protection is well worth getting.
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