mortgage insurance plan - tax free

Regardless of whether you can or cannot continue earning a living by working, your mortgage has to be paid each month. If not and you fall behind on the repayments then you are at risk of losing your home to the lender as they will seek to repossess. If you suffered an accident or illness that meant you could not work or if you became unemployed you would be able to continue meeting your mortgage commitments if you had them covered with a mortgage insurance plan.

Sold also as mortgage payment protection insurance (MPPI) this product would give you a tax-free sum each month after being unemployed or unable to work for between 30 and 90 days which is dependent upon the provider. Ethical British Insurance will provide the income after the 30th day and your mortgage would be safe for up to 12 months. Some providers will give you a quote for cover that lasts for 24 months.

There are many benefits to buying your policy from a standalone provider. British Insurance for example offer protection for just a small fraction of what the high street lenders charge should you take cover alongside the mortgage.

If you are worried about taking mortgage insurance plan due to the bad publicity that has surrounded the sector, then fear not because standalone specialists British Insurance are regulated by the Financial Services Authority and are well known for offering low cost, quality payment protection insurance.

A mortgage insurance plan from them is affordable with the age related cover. The quote for protection is based on your age when putting in your application and how much your mortgage commitment is each month. If you should be unable to earn then you would be able to recover with peace of mind your home is not at risk. In the case of unemployment there is ample time to look around for a new position. As with all insurance polices there are certain conditions which must be met and these are listed as exclusions. Frequent ones include working part time, suffering a condition which is declared ongoing and being retired.