Payment Protection Providers

Payment Protection Providers

No matter what purchases you make in life, from clothes to cars and a whole host of others in-between, the most difficult thing to do is choose what you’re going to buy, and where you’re going to buy it. Buy the wrong pair of jeans, for instance, and you can end up making a fashion faux pas!

Although it’s not quite the same when it comes to choosing a mortgage payment protection provider, it’s even more important that you get this crucial decision right first time. Yes, you can cancel and choose another one if you’re unhappy with the level of cover or service you receive from your existing provider, but this can come with a penalty if it’s within the cancellation period. 

Thankfully, there are no shortage of payment protection providers to choose from, and although they can all vary in what they offer and how much it costs, generally it should be a relatively easy task for you to decide who to go with. All you need is some basic information about your needs, and the rest should follow fairly naturally.

Know What You’re Looking For

There are three main types of mortgage payment protection available, and although most insurers will certainly deal with all three of them, some may be more specialised in others with regards to the type of insurance cover that you need. Therefore, you need to decide what cover you’re looking for first:

• Unemployment and incapacity – this is where you’ll be covered for losing your job, an accident that leaves you unable to work, or an illness that stops you from working for a prolonged period of time. This is the most comprehensive and, in reality, should be the one you go for.

• Unemployment only – just like it sounds, this will cover you if you lose your job, but your mortgage payments won’t be met if you fall ill or are unable to work due to an accident.

• Incapacity only – much like unemployment only, but this time your payment protection is only for illness and accident stopping you from working. This is popular with self-employed people, since they’re only classed as unemployed if they stop trading altogether, and not if it’s a quiet period.

Who Are The Best Payment Protection Providers?

There are literally thousands of payment protection providers out there, whether it’s on the high street or online. However, by far the best choice is online, and not only that, you can almost guarantee that you’ll make a bigger saving on your premiums too.

One of the best is BritishInsurance.com, who are recommended by the website MoneySavingExpert, and have also been awarded the 2007 What Mortgage Best Buy for their services. You can also use Google to find some other providers, which will ensure that you know what different types of payment protection insurance is available via different providers.