Should We Buy Mortgage Protection Insurance?
Should We Buy Mortgage Protection Insurance?
What if you are not able to bring in your salary due to any reason and don't pay next month's installments against your home loan? Illness, injuries and unemployment can happen at any stage of life. But the non-payment of home loan installments is one of the worse scenarios for most home owners. Undoubtedly, our home is the biggest investment in our lives and non-payment of just few installments can land us in legal trouble. In worst scenario, banks may foreclose our residential property. This can happen with anyone at anytime in life and that's why mortgage protection insurance is necessary to ensure the proper and maximum coverage for such unforeseen instances. Unbeatable Quote UK specializes in insurance brokerage and helps you find the most appropriate policy suiting your needs at the cheapest possible prices.
What Is Mortgage Protection Insurance?
Mortgage Protection Insurance is an insurance policy that compensates banks or lenders for losses occurred due to the default of a mortgage loan. It acts as a mortgage payment protection for individuals in various circumstances such as illness, injuries, unemployment or bankruptcy. In such cases when you are not able to pay your monthly installments due to any reason, it allows you to maintain payment on your mortgage and other related expenses for stipulated time period.
The insurance policy benefits both creditors and debtors. The lenders receive monthly mortgage payments regularly and the individuals maintain a regular supply of funds to the banking company or financial institution against their mortgage. It helps them protect their property from being forfeited.
Benefits Of Mortgage Protection Insurance
Mortgage Protection Insurance protects your home from a host of evils if you are unable to continue making payment towards your mortgage for any reason. If you no longer bring in your salary due to accident, illness, injury or unemployment, it kicks in and maintains a regular flow of your mortgage payments for agreed period of time. Now no matter what happens, mortgage payment protection plan will continue those payments and protect your property from being foreclosed by lenders.
Mortgage Protection Insurance also covers the losses of banking company or private lenders occurred due to the default of a mortgage loan. If their clients are unable to make mortgage payments, it will continue making payments on their behalf for a stipulated period of time.
Eligibility Criteria To Avail Mortgage Protection Insurance
Mortgage Protection Insurance is not available to everyone as there are certain criteria that must be met to avail mortgage payment protection.
In order to take a mortgage plan, you need to be a citizen of UK falling in the age bracket of 18-64 years. In addition to it, you must be employed and be paid for at least 16 hours per week.
The price of Mortgage Protection Insurance gets affected by the deferment period of mortgage payment plan. Insurance plans for shorter time period are much more expensive than those that are for longer time period.
How To Get The Best Price Quote?
Unbeatable Quote UK assists you in finding the most appropriate mortgage protection insurance plan that best suits your needs at reasonable prices. It offers price quotes from several leading insurance companies including Bupa, Aviva, Standard Life, Prudential, AXA, Fortis, Pru Protect, Friends Provident, Payment Shield, Pioneer, Bright Grey, Royal Liver, Legal + General, Scottish Equitable, Scottish Provident, LV, Unum, Synergy Financial Services Ltd and Select + Protect.
In order to receive online price quotes for Mortgage Protection Insurance, click on a particular plan and fill out the required information. Submit the form and within few seconds, you'll receive the best quotes from most leading insurance companies. Carefully go through each of them and find the one that best suits your needs and requirements.
Unbeatable Quotes UK helps you in finding exactly what you are looking for. If you want to make further enquiries about mortgage protection insurance, feel free to contact them. Email them or give them a call to receive immediate assistance. Why Buy Insurance? Looking to Buy a Wallet? Read This Want To Buy First Flush Water Filters How to Buy Good Roof Shopping for the best pet insurance rates Online Shopping- The Gateway To Best Online Shopping Malls Skincare Products – The Benefits of Shopping Online Online Shopping: To Trust Or Not To Trust? Myob Payroll Pounds Till Payday - Answer To Your Urgent Needs Women's Plus Size Clothing Shopping Online Is Only Going To Get Better Buy Carefully Ten Things You Need to Know about Buying Unemployment Insurance