10 Top UK Mortgage Insurance Companies

May 16, 2012 by  Filed under: Loans 

A mortgage will always be your largest monthly commitment and is always also a long-term loan. Mortgage insurance exists so that you have peace of mind that your monthly mortgage repayments will be met if you are unable to keep up your repayments. There is a wide range of plans from most insurance companies that will mean you won’t lose your family home if the worst happens.

A mortgage insurance policy is basically designed to pay your mortgage and to keep your family and your property safe when you are unable to work either because of an illness, accident and involuntary unemployment (only some policies cover the last one). Mortgage protection is less likely to be a requirement imposed on you, however if you feel that you might have difficulties or that you will not be able to repay your mortgage if you become unable to work for some reason, than one of these policies might seem like an attractive and viable proposition for you to consider. If one is unsure about the purchase of an insurance, the following questions can help in demystifying the question of buying or not buying.

  • If you lost your main source of income, would you be able to meet all of your financial obligations?
  • Could your partner cover all the financial obligations if you were unable to?
  • In an unfortunate event of your unemployment for whatever reason, would you be able to find another job fairly quickly?
  • Do you have savings that can last you at least three months?

It is clear that answering one of these questions in an unsatisfactory fashion will imply that you should acquire some sort of insurance policy since it will help you cope with the difficult situation that has befallen you.

Mortgage insurance will basically cover repayments on any type of mortgage or loss of income through some unfortunate event. Premiums that are paid for the policies that one chooses are flexible and they allow some calculation space, however the less you want to pay the smaller coverage you will have.

When contemplating insurance policy one needs to know to which companies he or she can turn for such a service, the following list contains top 10 insurance companies, the order doesn’t denote the rating of the company, the companies are arranged alphabetically for easier following and usage.

  • Assurant Intermediary LTD
  • ASUdirect
  • Berkley Alexander
  • BIBA
  • British Insurance
  • Columbus
  • First Call Payment Protection
  • Iprotect
  • Openwork
  • The One Account

David is a life insurance expert who explains how to use a Mortgage Insurance Calculator and helps consumers get cheaper Mortgage Insurance Quotes.

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