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Towcester, UK - With personal finances at the forefront of many peoples minds, ensuring the right mortgage protection in a falling property market is essential. One of the lasting impacts from the recession is unemployment and many people are still living with the fear that they could lose their job. This is often the catalyst for falling behind on mortgage payments, ultimately resulting in a home being repossessed; even without redundancy some people are simply struggling to survive and find the finances to pay bills. Mortgage insurance is not a legal requirement but many lenders will insist that home-owners purchase mortgage protection particularly in such a delicate property market.Mortgage protection insurance is there to ensure that should any issues which impact on ability to pay a mortgage arise, instalments can still be paid, meaning there is one less thing to worry about. Often the expense of a policy puts people off, but mortgage protection is a vital safety blanket. There are a huge range of options on the market and it is imperative to ensure the right cover is purchased, to avoid over or under payment.
There are two policy types available, a life-term or a monthly payment protection plan. The life-term plan, much like life insurance, ensures that in the event of death any outstanding mortgage will be paid. These policies protect families and mean they will not be forced to sell the family home during a period of bereavement. The term of this type of policy is usually a period of years depending on how long it will take to complete mortgage payments. Each month, the amount of cover will decrease as more is paid off the total mortgage amount - known as a 'Decreasing Term'. Life-term premiums are comparatively low in cost as many policies expire without the insurer ever needing to pay out.
The other main-type of premium protects monthly instalments, should the home-owner lose their job or be unable to work for a long period of time due to illness or an accident. These types of mortgage protection policies are more common and offer peace of mind. They usually last for one or two years and can also be build to include household expenses such as food, power, rates etc.
Premier Choice Group want all home owners to understand just how important mortgage protection in a falling property market is. Both types of policies are offered by the Towcester-based group, who are available to advise which policy is most suitable and provide a free no obligation quote via their website www.pch.uk.com, to ensure everyone has the right mortgage protection in place.
Contact Info:
Name: Phil Byrne
Email: Send Email
Organization: Premier Choice Health Care
Address: Premier Choice Group 17 White Horse Yard Richmond Road Towcester NN12 6BU
Phone: 0044 1327 353911
Website: http://www.pch.uk.com/
Release ID: 2227
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