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If you have mortgage repayments to make each month and are in full time work then you should give some serious thought as to how you would continue repaying your mortgage if you were to find yourself out of work due to having an accident, suffering from a long term illness or through unemployment of no fault of your own. This is where mortgage cover can provide invaluable protection.

Protecting your mortgage repayments with mortgage cover insurance is essential as the help that the State gives can be very little even if you do qualify for it. This means that you risk getting behind on your mortgage repayments, getting in to arrears and even lose your home to repossession. Mortgage cover can help you to avoid this as long as you have made sure that the cover would be suitable for your needs. There are exclusions in all mortgage cover policies and some of the most common include only being in part time work, being retired, or suffering from a pre-existing medical condition at the time of taking out the policy.

Once you have determined a policy is suitable for your needs then it would begin to pay you a tax free amount after you had been out of work for a pre-defined period of time which can be from the 31st day of being out of work while some mortgage cover providers won’t payout until up to 90 days. The insurance would then continue to give you the income you need to be able to pay your mortgage without the worry of where you would get the money.

Mortgage cover can be taken out alongside the mortgage with the high street lender but this is the dearest way of buying the cover. If you want the cheapest premiums then you use a standalone specialist for the protection, not only will you get some of the cheapest premiums but you can also take advantage of the information you are given to ensure that a policy would be suitable for your circumstances.