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Can
I increase my chances of cheap UK mortgage protection premiums? |
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Unfortunately there are no
real secrets to procuring cheap UK mortgage protection insurance. Unlike other
types of insurance, there are fewer factors on which you are judged when applying
for mortgage protection insurance and therefore fewer ways in which you can make
your personal situation appear more favourable to the insurer. There are, however,
a few tips that you can follow to help you to obtain relatively cheap premiums
for UK mortgage protection insurance.
- Timing can effect how cheap or expensive your premiums will be. Be
sure to take out mortgage protection insurance when you first set up your mortgage
as it is often cheaper and will offer more generous terms than if you take out
mortgage protection years down the line.
- The best way that you can ensure that you are getting the best possible
deal available to you is by shopping around. Often when you take out a mortgage,
your lender will offer you a mortgage protection insurance plan. It is worth bearing
in mind that the plan offered to you by your lender is not necessarily the best
plan for you, and that it is worth checking out the market thoroughly before accepting
a policy from your mortgage provider. Some UK mortgage protection insurance providers
will be relatively cheap compared to others.
- The longer your deferred period, the lower your premiums will generally
be. The deferred period is the amount of time you agree to wait before you are
eligible to receive benefit payments. Ask your insurance company if they allow
their policyholders to nominate their own deferred periods.
- Make sure that you get your priorities right and balance your need for
adequate cover with your need for frugal spending. There is little point in trying
to save money by taking out more limited cover than you need; it will only be
you who loses out in the long run. Cheap can be too cheap if the benefits are
not adequate.
- Most UK mortgage protection insurance providers set a limit to the number
of benefits you can receive in the event of a claim. The lower this number is,
the lower your premiums will be.
- Reviewable premiums are often considerably cheaper than guaranteed premiums
when you first take out your insurance policy. You must bear in mind, however,
that they are subject to price changes and could well go up in the future.
- Keep an eye on the UK mortgage protection insurance market. Your policy
may have been the best cheap deal available on purchase, but does it continue
to be so? Most companies will allow you free transfer and continuous cover should
you decide to swap, so changing mortgage protection insurance providers shouldn't
affect you adversely.
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Authority.
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