Have you bought a car or purchased a house recently on mortgage? Do you want to protect it so that it does not get seized if you are not able to pay the loan? Take a mortgage insurance policy to do so. Mortgage is one of the toughest responsibilities, so ensure that you are going to choose the best insurance cover by going through different reviews. Whether you are a first time buyer or an existing buyer, knowing the pro and cons of a home loan is essential.
Mortgage protection insurance, also called as mortgage payment protection insurance is a type of insurance policy that pays your home loan on your behalf if you are unable to pay monthly instalments due to job loss, disability or death. The policy cost will depend on your health, age and amount of your mortgage. Don’t sign any agreement with the mortgage provider until you clarify with them about the benefits provided. Mortgage protection is important to save your dream home from uncertainties. MPI may save you against such misfortunes. Following are the Mortgage Protection Insurance reviews to be considered when you are going to purchase MPI.
1. Lexelle Ltd: It is one of the best mortgage protection providers. It comes with 12 months coverage for unemployment, sickness and accidents. Monthly coverage will be £2000 and 60% of gross income. The first payment will be available within 31 days of claims.
2. Safeshield: The unemployment, accident and sickness coverage is for nearly 12 months. Monthly coverage is £1500 with 50% of gross income. The initial payment will be available in 61 days.
3. Mortgage Protector: The starting payment will be available to you within 31 days. Mortgage Protector covers sickness, accidents and unemployment for nearly 12 months. It has the coverage of £2000 with 60% of gross income.
4. Paymentcare Ltd: Paymentcare offers initial payment within 31 days. It has monthly coverage up to £2000 but income varies unlike other mortgage payment protection providers. The length of coverage of accidents, job loss and disability will be nearly one year.
5. British insurance: British insurance offers monthly coverage of £2000 and 50% of gross income. The starting payment will be available within one month from the date of claim. British insurance covers accident, sickness and job loss for nearly one year.
6. First Call Payment Protection: Length of coverage will be nearly one year. The first payment will be in your hands within one month. First Call Payment Protection has a monthly coverage of £2000 with 50% of gross income.
7. Protectoin.uk.net: It comes with a protection of nearly £2000 along with 50% of gross income. It will cover unforeseen situations till one year. The early reimbursement will be available within 31 days.
8. Helpucover: It is one of the best insurance providers available in the market. It has 50% of gross income covered with £2000 payment coverage. Helpucover offers coverage for job loss, ill health, disability and death with one year duration.