Mortgage Insurance Quotes

The older you are the more expensive the premiums will be due to the increasing risk with age of suffering an illness rendering you unable to work for a prolonged period.

Due to the health risks associated with smoking, if you have smoked tobacco in the past 12 months the income protection quote will have inflated premiums to take account of the increased likelihood of suffering an illness and having to claim on the policy.

Existing medical conditions will either result in uprated premiums to take account of the additional risk or exclusions being made on the mortgage insurance quotes.

The monthly benefit is the monthly tax free cash you would receive in the event of a claim. Increasing the monthly benefit will see an increase in the protection quotes.

Most mortgage protection providers will quote up to the lesser of £2,500 per month or 65% of your monthly gross income as a benefit.

The longer the benefit period the longer a policy will pay out for and the greater the premiums quoted. For the purpose of mortgage protection insurance you can choose a benefit period of either 12 or 24 months.

For a mortgage insurance quote you will be required to select a deferred period, the length of time between starting a claim and the benefit paying out. The longer the deferred period the longer you would require to be off work and thus the less likely the insurer will have to pay out.

Deferred periods can range from paying back to the first day of the initial claim right up to 120 days.

Premiums tend to be less expensive if you are taking the policy out on a new mortgage rather than an existing mortgage.