How do you know if you're eligible for mortgage repayment protection insurance? Well for one, if you have a direct line of mortgage that is not currently in arrears then you would be eligible. However, you must be at least 18 years of age. You also have to reside and be employed in the same location as you are applying for protection. Your employment status cannot be any less than a 16 hour paid job. On the condition that you are employed under a fixed term contract, you are likely to still be eligible.
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Costs for mortgage repayment protection insurance can vary according to what you specific require within your policy. The incentive of the repayment option is that it offers additional protection which is a secure resource for a peaceful mind. Coverage varies as well but in most cases it includes protection if you are off work due to incapacity incurred through long term illness or accident for more than two consecutive weeks. The policy provider will ensure that the mortgage is paid each month until you are able to return to work for up to a year. In the case of involuntary unemployment the mortgage will either be paid as a full or partial payment each month depending upon the circumstances. In the unfortunate event of an accidental death, the mortgage will be paid in full for a value of 20,000 dollars.
There are significant exclusions and limitations involved when you take out a mortgage repayment protection insurance policy. You also have specific responsibilities such as registering with the unemployment office in the case that you were involuntarily left unemployed. There are also certain responsibilities attached to those who have rendered themselves as self-employed.
The complexity of these rules, regulations, and terms are the significant reason that you need to be fully involved in the process of your policy. Be certain that you understand each clause of your mortgage repayment protection insurance. In the case that you are left with questions, ask before signing anything. You always have the option to cancel but in many cases cancellation holds penalties and/or fees. Being well informed is the best protection you'll have in your financial future. Please contact a financial advisor, attorney, or brokerage agent before leaving yourself at risk for financial damage. This may pose additional cost but in the long run can save you much financial distress in the future. You can also gather information at most county and statewide government agencies online. Quotes and policy information may also be available through internet agencies.
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