“If you have a mortgage, repayments are likely to be your biggest monthly outgoing and, unfortunately, the need to pay it doesn’t end if you’re unable to work.” Which? 2013
If you are unable to work due to illness or accident or you have been made redundant involuntarily you may default on your mortgage repayments and your house could be repossessed.
According to the Council of Mortgage Lenders more than 85 houses are repossessed every day in the UK.
What is Mortgage Protection Insuranc
The important thing to remember about mortgage protection insurance is that it is not payment protection insurance (PPI).
Mortgage payment insurance is a useful and suitable insurance policy that can pay you a tax-free monthly benefit to cover your mortgage repayments for one or two years if you are unable to work due to accident, sickness or involuntary redundancy.
Mortgage protection insurance is cheaper than income protection and for as little as £10 a month you can ensure you and your family will have your mortgage protected should anything happen.
Compare mortgage protection quotes online now at www.activequote.com
Why would I need Mortgage Protection Insurance?
Mortgages are usually one of the biggest financial commitments many families make and mortgage loans in the UK total £1.2 trillion. In the first quarter of 2013 more than 8,000 houses were repossessed in the UK.
If you are incapacitated or unemployed benefits from the government may be limited and you may struggle to make your mortgage payments every month.
How much would mortgage protection cover pay me?
You can decide how much cover you want for your mortgage up to 150% of you monthly repayments but the smaller amount of cover you want the lower the premium.
For example if you only wanted 70% of your mortgage repaid by your policy your premiums would be lower than if you wanted the maximum benefit available. You can tailor you policy to suit your needs and budget.
Compare Mortgage Protection Insurance with ActiveQuote
ActiveQuote Health Ltd is an insurance broker, fully authorised and regulated by the Financial Conduct Authority (FCA). We compare mortgage protection insurance policies from leading insurers to give you the best price and policy to suit your needs and budget.
Visit www.activequote.com to compare quotes online or call one of our professional advisors on 0880 862 0373 for more information.