The Payment Protection Blog

Whilst some of us may be putting in our expenses claims for moat cleaning, hedge cutting, floating duck islands and flat screen televisions, and claiming interest on a mortgage that has already been paid off, the rest of us in the real world are still repaying our existing mortgages and aren't fortunate enough to be able to claim the mortgage interest from our employers.

In fact, with the current ecconomic climate, many of us will be unsure of how long our current employment will last and even though interest rates are at an all time low, many of us, I'm sure, find it difficult to find our mortgage payment each month.

So what would happen if you had an accident, became ill or were made redundant. Your income would either reduce significantly or stop altogether, making it virtually impossible to meet the monthly mortgage payments, or many other of the monthly expenses.

The answer is to recession proof your mortgage by taking out Mortgage Payment Protection Insurance which is slowly becoming more of a necessity than a luxury. An insurance policy that covers us in the event of Accident, Sickness or Unemployment is a valuable weapon in our armoury whilst fighting against economic adversaries.

Finding the right Mortgage Protection however is a little more difficult. Many of the mortgage lenders are happy to offer you cover, but often at very high premiums which reflect the high commission rates they enjoy as a result of us taking their policy.

There are however a number of specialist providers on the market, which provide good quality cover at considerably more affordable prices, most of which you can sign up for online. For example, Payment Cover offer a comprehensive Mortgage Payment Protection Insurance policy for as little as £3.25 per £100 per month covered. This is one of the most inexpensive products on the market and not only do they cover mortgage repayments, but allow additional expenses such as monthly Council Tax,  gas, electricity, life insurance, home insurance and water charges as well as unsecured loan repayments to be covered as well.  Fof people renting property rather than buying, their Rent Cover Plan is available from £4.75.

There are obviously a number of exclusions to taking a policy, but they are all very well documented within the sign up process.

Finally, it has never been more important to cover ourselves as we no longer live in a time where we are certain of being employed from leaving school until retirement and in an era when global financial economics affect national and local economics.