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Checking out mortgage insurance protection cover is imperative before you rush into taking it out. There are many factors you have to be aware of if you are to ensure suitability for your circumstances. You also need to get the cheapest premiums, while at the same time buying a quality product. With this in mind you need to turn your thoughts to independent providers of payment protection, as these offer you the cheapest premiums and plenty of information.

Information about the mortgage insurance protection cover you are considering is essential, as this is where the exclusions can be found. Once you have checked them against your lifestyle you can then rely on the cover. A policy is taken out for a fixed premium based on the amount you want to insure of your mortgage and the level of cover needed. Some providers offering age based mortgage protection will take your age into account and this is where first time buyers with huge mortgages and little spare cash can benefit.

You are able to choose the amount of protection most suitable. A policy can be taken for accident, sickness and unemployment together. However you could also just choose to protect against incapacity only or unemployment only, whichever suits your circumstances better. The amount you choose to protect will be the amount that is paid out to you, tax-free, if you need to put in a claim. All standalone specialist providers will set a limit on the amount that you are able to take insurance for each month, so check this in the terms before taking it out.

You would have to stand to so many day of unemployment or incapacity, but some providers will backdate to the first day you become unemployed or were incapacitated. Providers will usually state anywhere between days 30 and 90 and then the policy would continue paying out for either 12 months or 24 months. This is usually enough time for you to have made a full recovery and be able to go back to work, or for you to have found work again.

Mortgage insurance protection cover could give you the money needed for you to keep out of arrears with your mortgage repayments. It is a far better solution than considering falling back on savings or believing that the State would step in and provide you with your mortgage repayment. You would have to be eligible to make a claim for State benefit and this means meeting many requirements. You cannot have over a certain amount of money in the bank and you also cannot have anyone living with you who are earning a full time income. Even if you were entitled to receive State benefit, the money it provided would only go towards the interest payment on your mortgage. You could also have to wait for several months before you would see any benefit. While mortgage payment protection does have some conditions that have to be met, once you have checked it is suitable you would have protection you could rely on.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage insurance protection cover.

By choosing where to take out your mortgage protection as opposed to adding it in with the borrowing can save you an enormous amount of money. In some cases a mortgage protection quote taken this way can save you as much as 40% in comparison to the high street lenders. You also have the advantage of being given all the information needed to determine if cover is suitable.

While of course one of the main factors to take into account is how much you will have to payout in premiums there are many more considerations that go towards getting the best deal. You will need to check exclusions and these can very depending on the provider. An ethical provider will give you the best deal by just adding the basic exclusions. Once you have determined that a policy is suitable you then have something to rely on and fall back on should you become unemployed or incapacitated.

With no one knowing when they could fall sick of suffer an accident that meant they had to take time off and be unable to work, covering your mortgage repayments needs to be given some thought. Your mortgage is of course your biggest outgoing and it would take a huge chunk out of any money you did have coming into the house. It is essential to keep up with the repayment and this is where a mortgage payment protection policy would come in very handy.

Of course you could consider what other options you have if you were to lose your income. You could choose to use any savings you have or maybe apply for State benefits. State benefits could be applied for and you may be entitled to receive them. However they would only pay up to so much and this would only be towards the interest part of your mortgage. You could also be waiting up to several months for the benefit to begin providing for you and during this time you could get into arrears. If you get into arrears then of course you are at risk of losing the roof over your head to repossession by the lender. A single missed payment means you have broken the mortgage agreement and would be noted on your credit file.

To be able to benefit from a policy you would have to be unable to work or become unemployed for a certain period of time. Usually this time period would be in the region of 30 to 90 days and then you would be allowed to put in a claim. Your benefit could be backdated to day one of you being unable to work or of being incapacitated. Once it has started to provide for you it would continue to pay for a period of time and then it would cease, this is usually between 12 months and 24 months. During this time you would have the peace of mind and security of a tax-free income which would allow you concentrate on getting well and back to work of gives you time to search for suitable work. A cheap mortgage protection quote can be a great safety net which keeps you afloat.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection quote.