Mortgage cover - or mortgage payment protection insurance (MPPI) as it is usually sold - can make all the difference to you losing your home or keeping it if you find that through some reason such as becoming ill, unemployed or having an accident that you cannot work for a period of time. The cover would pay out usually for up to a period of 12-24 months which gives you enough time to get well or find another job and get back to work.

While the cover should be classed as essential it is only worthwhile taking if taken the right way. Good quality, cheap mortgage cover is available but you will typically have to go to an independent specialist adviser for the cover. You can a quote for mortgage payment protection cover from an independent online provider and compare it to the quote offered by your bank or lender. An independent provider can in most cases offer you cheaper premiums along with their expert advice on insurance products which means that you get the best deal available and a policy that is suited to your particular needs.

Mortgage payment protection insurance is usually offered alongside your mortgage when you take it out, but the high street lenders premiums are always sky high when compared to an independent provider. The high street lender uses many tactics to try and get you to take out the insurance alongside you mortgage and some will even try persuading you that the cover must be taken there and then or you cannot have the mortgage. While some lenders will want you to have protection you should know that you can choose to go independently for your cover and it is not compulsory.

So if you want the cheapest mortgage cover that is available then forget the high street lender and instead go to an independent provider. Mortgage cover is confusing and, as the media regularly highlights, only a specialist can provide the best quality product for the cheapest premiums while answering any questions you may have regarding the product.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of the cheapest mortgage cover, income protection insurance and loan payment protection insurance.

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