Mortgage
protection - making difficult times easier Becoming unemployed can cause many problems, not least
the fact that there simply may not be any money to pay the
bills. Most people will agree that their home is their most
important material possession, yet if mortgage payments cannot
be made, the security of a home can be taken away.
No government help for 9 months!
You cannot rely on state help to cover your mortgage payments
if you cannot work. There is no help for the first nine months
of unemployment or disability for mortgages taken since October
1995. Existing borrowers only qualify for benefit if they
qualify for Income Support.
You can buy cover to protect your mortgage payments if you
have an accident or become ill and cannot work, if you become
unemployed, or to provide full cover for accidents, sickness
and unemployment. The terms and conditions under which you
can claim differ with every policy, so you should always check
them very carefully.
The Benefit period is the length of time you can claim monthly
payments for, and these vary for each policy. You can select
the time period you want to be covered (1 year, 2 years etc)
but the longer you want the cover for, the more expensive
the premiums will be.
There is always an Initial Exclusion period at the start of
the contract, during which time no claim can be made. This
normally applies to unemployment only and is 30, 60 days or
longer.
Most policies also have an excess period, for each & every
claim. An amount of days 30, 60 or more which are excluded
from the claims payment. For example with a 60-day excess,
and a claim for 65 days, 5 days are paid.
Alternatively some have a waiting period after which time
the claim is paid in full. With a 30 day waiting period, on
the 31st day of unemployment or disability the claim is back
dated to day 1 & paid in full.
Tesco 
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Barclaycard Classic
ING Direct