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When to review your mortgage and insurance cover
According to latest figures released by the Council of Mortgage Lenders, the average length of a mortgage payment protection insurance claim for unemployment in 2007 was 167 days and for accident or sickness it was 159 days. In such instances where consumers had decided not to take out insurance and their mortgage was £135,000, they would have needed to spend over £5,000 of their savings to meet those mortgage payments.
Tony Rice, of Bedford-based specialist mortgage brokers TMP Mortgage Zone, said: "We believe it is always a good idea to review your level of insurance cover every two to three years as your commitments and dependents may have changed. In the current economic climate, you might also want to see whether you need to add insurances such as critical illness cover, income protection or mortgage payment protection to protect you financially against unexpected events such as severe illness or redundancy."
[ 15-08-2008 ]
