subject: Protect Your Mortgage Payments Despite Of Financial Calamity! [print this page] Mortgage protection policy is a risk management policy to safe guard your home and your loan payments in times of accident, sickness and redundancy. It is the greatest financial obligation to have a mortgage on hand and you will be obliged to pay them for long. It could be for a term of 15 to 20 years. If financial calamity was to strike during this time how would you fulfill your other household expenses? An insurance cover will be able to do justice to your monthly payments on loans. You will not have to lose your home which is laid as a collateral against the secured loan. In addition to this, you get enough funds to cover up your monthly expenditures. Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!
In the event of death or disability, your insurance cover will protect you. You are guaranteed of loan repayment during these calamities. If you are sick and are unable to make payments on loan as you are temporarily out of employment, then your policy provider will pay for the loan till you get back to work. He may pay your loan payments for a period of 12 years or so.
Consider these policies as they may protect you in times some thing unfortunate was to strike. You can purchase the policy cover under two circumstances. You can either buy them along with your loan or may apply for the policy later with some other policy provider. If the balance on your loan is high, your monthly premiums will also be set higher. If you dont want to be financially obligated in times of financial despair, you must be prepared for future. Get yourself a protective cover and remain calm!
The tenure of payment of such mortgage protection insurance is usually of 12 months from the date of first default of payment of installment. In some cases the tenure of payment support goes higher up and it solely depends upon the mortgage insurance provider who covers the mortgage. Thus, it protects the lender who has approved the loan amount to you.
It is good to seek advice before you make your final decision. Any ethical provider will provide information and give advice free of charge. By choosing to shop with a specialist to get your quote you are able to secure the cheapest premiums.
by: Kirthy Shetty
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