Are You Nervous? Unveiling The Cost Of Mortgage Insurance Protection

Be prepared for unexpected emergencies with mortgage insurance protection

12:49 14 March 2013

Mortgage insurance protection can help you out a great deal in the event of an emergency. If you are let go from your position and have difficulty finding another job, the mortgage insurance protection provides a way to maintain your mortgage payment and in some cases even your utility payments.

 

There is usually a waiting period before you can submit a claim, so be sure to check that information when you shop for mortgage insurance protection.

 

Here’s a little bit of information regarding what you can reasonably expect in terms of average costs for mortgage insurance protection:

 

• You may be able to find programmes for as low as £10 per month, but it may only cover a portion of the mortgage rather than the entire payment, and the waiting period for coverage to being may also be longer.

 

• Certain websites may offer minimal coverage for as little as £1.95 for every £100 worth of cover per month if the applicant is younger.

 

• Applicants around 40 years of age to 50 may be able to find cover around £4.85 for every £100 worth of cover per month.

 

• Going with a bank mortgage insurance protection plan could cost about £60 per month for £800 worth of mortgage payment cover.

 

First decide what type of cover you want from your protection, then compare between multiple mortgage insurance protection companies to find out which one offers you the best rate and benefits.

 

If you also want the option to have payments include extras such as utility bills, be sure to check with the companies about the availability of that option.  There are also limitations on payouts which vary according to your cover plan. Plans typically cover repayments totalling £1,500 to £3,000 depending on the company.