Mortgage insurance 'offers peace of mind'

By Marianne Straker, Wed 16 Apr 2008 - Published in Home Insurance

Opting to have a fully protected mortgage can put homeowners in an ideal situation, it has been suggested.

According to Joe Wiggins, PR manager at Legal & General, opting to protect mortgage payments with insurance can give peace of mind, particularly to homeowners with families.

"Many people suffering a loss of earning would soon find that they would struggle to meet their mortgage payments, so mortgage payment insurance could make a huge difference," said Mr Wiggins.

He explained that mortgage payment insurance works by providing a monthly payment if an individual cannot work as a result of unemployment, an accident or an illness and noted that many people do not fully realise that sick pay from an employer does not last for a particularly long period of time.

While such insurance is not compulsory, This is Money recommends that people with mortgages should consider taking it out to protect their payments.

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