Insurance Claim

posted by admin on Nov 30

For The Cheapest Mortgage Protection Insurance Stick With A Standalone Provider
By Simon Lance Burgess

If you want the best and cheapest mortgage protection insurance then you have to choose to buy your mortgage payment protection from a standalone specialist as opposed to taking what seems to be the easiest option and purchasing the cover out alongside the mortgage with the high street lender at the time of getting your mortgage.

While it might seem like the best way to purchase the cover, it isn t. In the majority of cases the premiums that high street lenders charge are extortionate and the cover is of a lower quality than that which is offered by the standalone specialist provider. In some cases you could save hundreds or even thousands of pounds on the cover simply by going with a specialist in payment protection and of course as they specialise in the products they sell, they have knowledge and can pass this onto the consumer so that they are able to determine if the policy is suitable for their circumstances.

While mortgage protection insurance can be a safety net it isn t suitable for everyone and there are reasons which mean that you might not be eligible to make a claim so it wouldn t be in your best interests to take it out. Reasons which can stop you from being eligible to claim include if you only work part time, are ill at the time of taking out the policy from an ongoing illness or if you are self-employed. While these are common reasons policies differ with the exclusions within them and it is essential that you read the small print of any policy you are considering.

Providing the cover is suitable then it would begin to give you a tax free income so that you can comfortably repay your mortgage if you should come out of work through unemployment caused by such as redundancy, suffer from an accident or sickness. There is a waiting period which is a certain amount of time that you have to be off work continually and this is usually between 31 and 90 days but once the cover has started to pay out it would continue to do so for between 12 and 24 months depending on the provider. With your mortgage being your biggest outlay each month and being able to repay it essential if you want to ensure that you aren t at risk of getting into arrears and having your home repossessed, it is essential that you do give serious thought to how you would continue repaying your mortgage if you were to come out of work for any length of time.

Cheap mortgage protection insurance can be found with a specialist provider and for those who qualify for a policy it is one of the best ways of giving yourself peace of mind and security in a world where nothing is certain. Always check the small print and read the key facts that all specialists in payment protection will make available to you and mortgage protection will do the job it s supposed to do.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection insurance, loan protection insurance and income protection insurance.

Article Source: Are You Paying Too Much For Your Mortgage Protection?
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posted by admin on Nov 29

Redundancy Cover Can Give You Security Should You Find Yourself Out Of Work
By Simon Lance Burgess

Redundancy cover is also known as payment protection, loan protection and income protection insurance and is taken out to safeguard against the fact that you could find yourself unemployed after being made redundant. If you were to come out of work then you would still have to find the money each month to carry on paying your essential outgoings such as your mortgage, loan or credit card repayments.

If you want to insure against coming out of work and having the money with which to pay your general outgoings and continue living your lifestyle then you could take out redundancy cover to protect your lifestyle by way of income protection. Income protection would give you a replacement income up to a certain amount of your own, which would allow you to continue meeting your essential outgoings.

If you have loan repayments to make each month or credit card bills to pay then loan payment protection could be what you need. Loan payment protection will give you the money each month with which to carry on paying your monthly loan repayments based on how much your repayment is each month.

Mortgage payment protection can be taken out if you have a mortgage to repay, the cover would ensure that you wouldn t be at risk of losing the roof over your head if you were to be made redundant. As your mortgage is probably your biggest outlay each month and you have to ensure that you keep up with the repayments, losing your income could mean that you risk losing the roof over your head. Mortgage payment protection could mean that you wouldn t have to worry about where to find the money which is a great safety net to fall back on.

However all the family of protection policies have many things in common, for instance all policies have exclusions within them that could mean a policy isn t in your best interest. It is imperative that you make sure you have read the exclusions and understand whether or not a policy is in your best interest, while exclusions can differ slightly from providers there are some that are common. If you are in part time employment, self-employed, retired or suffering from a pre-existing medical condition then a policy wouldn t be in your best interest, always check out the small print before buying your cover.

All policies will begin paying out once you have been out of work for a period of time, this period of time can differ between providers and can be anywhere between the 31st day and 90th day of being out of work, once the cover has commenced it would then continue to provide a tax free income for between 12 and 24 months again depending on the provider. Redundancy cover can be taken out alongside loans and mortgages but this is generally the dearest way to purchase the cover. The premiums charged by high street lenders can add hundreds and even thousands of pounds more onto the cost of the cover than it has too. Historically, standalone specialists in payment protection products always offer the cheapest premiums for redundancy cover along with giving the consumer the advice and information needed for them to make an informed decision regarding the suitability of the cover for their particular circumstances.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of If You Want Redundancy Insurance Then Make Sure You Understand It
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