Mortgage protection insurance is a life insurance policy that is designed to pay off your mortgage or cover payments should you not be around any more.
Benefits of Mortgage Protection Insurance
The main point about Mortgage Protection Insurance is that you have to have it if you take out a mortgage. However, many people do not realise that they do not have to buy their mortgage protection insurance through their mortgage provider.
Usually buying this way works out more expensive so it does pay to shop around.
You will benefit from doing this because there are a host of insurance companies that offer mortgage protection insurance at lower costs, meaning you can budget more effectively and maybe have a little more left over each month.
The main benefit to having mortgage protection insurance is that it means you can protect your family should something happen to you. Depending on your cover this can mean that your family does not have to downsize and struggle financially without you there to help out.
How to get mortgage protection insurance
Getting mortgage protection insurance is relatively straight-forward, as long as you know what level of cover you need.
You can buy your mortgage protection insurance from your bank and building society but you can also get it online, direct from the insurance company or if you really want to save, you can use a comparison website instead. This usually offers the best way of getting a competitive quote as these kinds of websites have access to a panel of leading insurers all in one place. For this reason it also saves you time.