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With cuts in social security payments in recent years mortgage protection
insurance has become increasingly common.
Eighty percent of borrowers
receive no assistance with mortgage interest payments for the first nine
months after stopping work. There are a number of options available, but
it would be prudent to read into the small print before taking out a policy.
Normally people would take out their policy when arranging their mortgage.
Since the 1st of July 1999 there has been new standards set in mortgage
protection insurance to protect the consumer, all policies must now payout
after a maximum of sixty days; previously this may not have been the case.
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