Auto Insurance

Health Insurance

2011-10-16T22:13:00.001-07:00

I'd like to see the health care professionals making decisions, not some bureaucrat in Indianapolis working for an insurance company.

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Life Insurance

2011-10-16T22:12:00.001-07:00

My wife bought an extra life insurance policy on me.

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How to get ready for your home insurance company’s claims adjuster

2011-10-16T22:11:00.000-07:00

John Egan

If your house has been damaged by Hurricane Irene — or any other disaster, for that matter — someone known as a claims adjuster will be paying you a visit after you’ve filed a claim with your home insurance company. If you’ve got separate flood insurance or wind insurance policies, adjusters for those companies will come calling as well.

Cleaning up and recovering from damage to your home can be nerve-racking. Preparing for the arrival of insurance adjusters can add to the anxiety.
If you’ve filed a home insurance claim following a disaster, make sure you’re at home when the insurance claims adjusters visit.

Courtesy of the Consumer Federation of America, Consumer Reports and the Insurance Information Institute, here are some tips to help you ease the process of dealing with an insurance claims adjuster:

• Ask the adjuster for his or her credentials. If you’re not happy with the adjuster or any other expert the insurer provides, demand a new one. Claims adjusters are supposed to be professionally trained and licensed.

• Find out whether the adjuster is an employee of the insurance company or is an independent adjuster hired by the insurer. If you’ve got an independent adjuster, find out which in-house adjuster that person is reporting to. Also, ask whether the independent adjuster is authorized to make claim decisions and payments on behalf of your insurance company.

• Be at home when the adjuster visits and make sure he or she sees everything. Ask for a copy of the adjuster’s report and review it for mistakes. Request a copy of your claims file; you’re entitled to it.

• Copy everything you give the adjuster and ask for a receipt. If the adjuster advises you to start repairs, get that permission in writing.

• Take note of your adjuster’s behavior. Is he or she rude? Did the adjuster fail to show up at all?

• Be aware that more than one adjuster may be assigned to you. For example, you may have a claims professional assess structural damage and a contents specialist to help with the loss of personal property. Additionally, if you have a flood insurance policy or separate coverage for wind damage through a state-run insurance pool, even more claims adjusters will visit you.

• Complete a “proof of loss” form (provided by your insurer) and locate any inventory you have of your belongings (TVs, clothing, furniture). Also, keep a detailed list of everything that was damaged. “You want to make sure that you have documented your loss as soon as possible,” says Ashley Hunter, a former claims supervisor at State Farm. “The more information you have, the faster you will be able to receive your payment.”

• Take photos or video of debris, destroyed items and property damage. Generally, you should not throw away any damaged items until the claims adjuster has visited.

• Remember that the first claims check you receive often is an advance, not a final settlement. You may be offered a settlement check from the adjuster on the initial visit. If so, you can accept it immediately. If other damage is discovered within the time period cited in your insurance policy, the claim can be reopened. Most states allow at least one year from the date of the disaster to file or reopen a claim.

• Try to be patient. Jeanne Salvatore, a spokeswoman for the Insurance Information Institute, says insurers handle hundreds if not thousands of claims after a disaster. “Policyholders who have been most severely impacted have immediate financial and safety concerns that must be tended to, particularly if a home was destroyed by the hurricane or if there is a family member with special needs. Insurers give these cases priority review,” Salvatore says.

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How insurers are turning to technology to process your claims

2011-10-16T22:10:00.000-07:00

Mark Henricks

New ways of using technology are allowing insurance companies to process claims faster and more accurately. The effects on consumers include improved service and quicker payments — but so far, at least, not lower premiums.

Atmospheric and Environmental Research of Lexington, Mass., has introduced an offering that lets an insurance claims manager log into an online portal after a big hailstorm and pull up a detailed map of the storm’s track. Numerals on the map give, for instance, the estimated maximum hail diameter in inches for specific locations. Red circles show where the carrier has policies with insured values of, say, $500,000 or more. A bar chart reveals how many insured properties likely encountered 2-inch or larger hailstones.
Insurers are adding high-tech twists to the claims-filing process, pushing it beyond the traditional in-person setup.

Being able to easily visualize the impact of a storm using highly detailed digital maps helps insurers in a number of ways, says Brenda Kelly, vice president of Atmospheric and Environmental Research. For instance, Kelly says, the maps can determine whether insurers should send in more claims adjusters, “perhaps flying people in from another location.” That can speed up processing of claims, resulting in checks getting into the hands of policyholders more quickly.

Rolling out smartphone apps

Other examples of claims-processing technology are much more visible to consumers.

Former insurance claims adjuster Ashley Hunter, president of HM Risk Group in Austin, Texas, points to smartphone apps that some insurers — such as Allstate and State Farm — are making available to consumers to help them file claims after auto accidents.

“You can take pictures and upload the claim information right to the website,” Hunter says. “You type in all the claim info like the name of the insurance company of the other driver. It’s very sophisticated. And they process the claim immediately.”

Tech tools for fighting fraud

Claims processing also is tapping technology well beyond the public’s view in the form of predictive modeling for identification of potentially fraudulent claims.

Rob Hoyt, director of the Risk Management and Insurance Program at the University of Georgia, says is a new wrinkle for technology that’s long been employed to help figure out rates for policyholders. Instead of just trying to forecast how many claims are likely to be filed by a given policyholder, insurers are using predictive modeling to pinpoint common traits of fraudulent claims.

“There are patterns that tend to be consistent with suspicious claims,” Hoyt says.

Such claims tend to be distinguished, for instance, by particular types of vehicles and by how long a policyholder has been insured with a given company. When insurers can more accurately and quickly zero in on possibly fraudulent claims, they can more efficiently investigate them. That can lead to lower operating costs and possibly more money in the pockets of policyholders.

A speedier process

So far, lower premiums for consumers remain an unproven benefit of claims technology, however. “We can always hope, but there’s no cost savings being sent down to the customer,” Hunter says.

She does emphasize, though, that customers are gaining benefits from this technology, mostly in the form of faster claims processing. “As far as an auto claim is concerned, if liability is clear, they’re cutting checks within 24 hours,” Hunter says. “Before, it was taking about a week.”

If you’d prefer that this automation of claims processing simply go away, don’t hold your breath. Kelly expects more and more claims technology to be rolled out across the industry. But Hoyt says it’s not likely that insurance software will replace insurance people, either.

“I don’t see it ever being such an exact science that there won’t be human judgment involved,” Hoyt says.

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Things to Consider when Shopping For Home Owner’s Insurance

2011-10-16T22:05:00.001-07:00

There are many details to keep in mind when looking at various policy options. Here are just a few things to keep in mind.
Coverage Amounts. Be sure that your home insurance policy is enough to protect the TOTAL value of your home, not simply the equity (the amount paid off) or the balance remaining on your mortgage.
Covered and Uncovered Losses. While most things such as fire, theft, and weather damage are covered by your policy, specific things such as earthquakes and flood damage may not be. Check your policy.
Policy Exclusions. There will always be items excluded. Be sure you know what they are, and protect yourself.
Deductible. A higher deductible (the amount you pay before your insurance kicks in) might mean a lower premium, but is it worth it? Make sure any deductible you have is affordable.
Discounts. What will give you a discount? A security system, not smoking, and having more than one home insurance policy might lead to a discount. Check to see if your lifestyle supports this!

InsuranceQuotes.com can help you find the best home insurance rates, online! From the comfort of home, you can get a free homeowners insurance quote today!

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Do You Need Homeowner Insurance?

2011-10-16T22:04:00.002-07:00

Of course you do. In the event of a catastrophe, you will need to repair any damage that occurs to your home and property, and replace anything that is lost or destroyed. In addition, chances are your mortgage holder requires you to have a certain amount of home insurance to protect their investment.

How does a home insurance policy protect you?
Structures. Your homeowner’s policy covers the financial damages to your home caused by accidental or weather-related damage to both your home and other structures on your property, such as garages and outbuildings. Additionally, home insurance will provide you financial compensation if you cannot live in your home due to the damage.
Personal Property. All the belongings and furniture that fill your home counts as personal property, and if they are stolen or damaged your home insurance policy will replace them.
Liability. If someone is injured in your home, you can be found liable for the medical expenses. The liability portion of your homeowner’s insurance policy protects you from this financial liability.

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Protect Your Home and Save Money

2011-10-16T22:04:00.000-07:00

Your home is full of all of the things that are most precious to you – and you need to protect them. Your home is also likely to be your largest investment, and home insurance is not only the smart thing to do, it is the necessary thing to do. InsuranceQuotes.com can provide you with a comparison of home insurance quotes, helping you find the best policy for the best rate. InsuranceQuotes.com works with hundreds of excellent home insurance companies, and offers the most informative home insurance quotes available today.

Your home insurance quote from InsuranceQuotes.com is not only informative, but it is free! Just take a few moments to fill out our online questionnaire and we can provide you with multiple home insurance quotes and you can start saving money today! Whether you are seeking a home insurance quote for a new home or your current home, get your free homeowner’s insurance quote today.

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Life insurance beneficiaries are owed more than $1 billion, officials say

2011-10-16T22:02:00.000-07:00

If you’ve had a loved one die, you might want to check whether he or she had a life insurance policy: You could be one of millions of beneficiaries across the country who insurance officials say are owed more than $1 billion by dozens of life insurance companies.

A handful of state insurance regulators have formed a task force to investigate the possible failure to pay death benefits to beneficiaries of life insurance policies.

The task force is being overseen by the National Association of Insurance Commissioners. Members of the association contend that insurers have been using a federal death database to terminate payments under annuity contracts, but failing to use that same file to help claims on life insurance policies.

Making good on promises
Life insurance executives insist they’ve done nothing wrong.

“Our greatest responsibility is to make good on our promises to our customers,” Todd Katz, a vice president at life insurer MetLife, said at the California hearing.

Evidence suggests otherwise. At the Florida hearing — where MetLife and Nationwide were subpoenaed to testify — Belinda Miller, Florida’s interim deputy commissioner of property and casualty insurance, said “hundreds of millions of dollars” go unclaimed each year because the life insurance beneficiaries don’t know the money exists.

Life insurers can track the deaths of insured people through the Social Security Administration’s Death Master File, which contains over 87 million records. Insurance companies use this file to, among other things, fight fraud and verify dates of death before paying a policy benefit. But investigators say insurers boost profits by selectively reviewing the death file, withholding payouts, and continuing to pay themselves premiums even though the death file shows the insured person is dead.

“We are troubled about the possibility that insurers may be using death information to boost their finances by stopping annuity payments on one side of the house but not using the same information on the other side of the house to pay policyholders’ beneficiaries who are owed money,” says Jones, the California insurance commissioner.

Jones’ comments came during a joint hearing with State Controller John Chiang into the payment practices of MetLife.

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Life Insurance Awareness Month scores endorsement from Lakers’ Lamar Odom

2011-10-16T21:59:00.000-07:00

Kevin Lyons

When much of America last saw Los Angeles Lakers superstar Lamar Odom, he was being ejected from a playoff game against the Dallas Mavericks for being too rough with Dallas star Dirk Nowitzki.

With the NBA now locking out its players, it may be awhile before Odom sees action on a basketball court again. But that doesn’t mean Odom won’t be working this fall.
Los Angeles Lakers player Lamar Odom says he benefited from life insurance when his mother died of colon cancer.

In September, Odom will serve as the national spokesman for Life Insurance Awareness Month. Odom will begin appearing in public service announcements in August for the nonprofit Life and Health Insurance Foundation for Education (LIFE).

Odom says he was inspired to be a life insurance spokesman, in part, because of the death of his mother of colon cancer. Odom was only 12 years old when it mother, Cathy Mercer, died. Odom’s charitable foundation is called Cathy’s Kids.

Because Odom’s mother had life insurance, he was able to continue attending a private school.

“I’m sure my mom didn’t think she would die at age 35, but that didn’t stop her from doing the responsible thing and buying life insurance,” Odom says in a LIFE news release issued June 30. “When I began my pro career, one of the first things I did was buy life insurance to make sure my loved ones would also be taken care of.”

Nearly 70 million American adults don’t have life insurance, according to LIFE.

Odom’s work with LIFE will add to an already busy off-the-court schedule.

The Lakers player stars in his own reality TV show, “Khloé & Lamar,” which airs on E! The show features an inside look at Odom’s life with his wife, reality TV personality Khloé Kardashian Odom.

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What Is The Best Way To Shop For Life Insurance?

2011-10-16T21:55:00.003-07:00

With such a wide variety of life insurance policies to choose from, how do you make the best choice for you? Obviously, you have made a smart choice and are starting here at InsuranceQuotes.com, but there are many things you need to know before choosing your policy, such as term life insurance.

Now you know that once you have determined your needs and taken a look at the various policy options, you have a good idea what you need to know. Also, remember that certain life-style choices, such as smoking or drinking, can raise the cost of your policy and reduce the amount of available coverage.

Best of all, using InsuranceQuotes.com helps you find the best rate, which is important as life insurance quotes can vary substantially – sometimes as much at 50%. Take the time to fill out our online form, and immediately receive a variety of life insurance quotes to choose from! Get started today, and protect your family they way they deserve.

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Universal Life Insurance

2011-10-16T21:55:00.001-07:00

This type of life insurance policy is the most expensive, but also offers the greatest security and the most financial flexibility. You are able to manage your account however you choose, whether by money market, stock, or bond funds. You can withdraw funds at any time (although there is a penalty for canceling the account altogether).

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Variable Life Insurance

2011-10-16T21:54:00.002-07:00

There are unique components in selecting a Variable Life Insurance policy. This type of policy offers permanent coverage and account flexibility for someone who is a higher risk taker pertaining to their finances. The benefit paid when you die is not a set amount. The death benefit would vary depending on how well the money increased in value based upon the investments made. It is important to remember that you can borrow money from this policy during your lifetime.

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Whole Life Insurance

2011-10-16T21:54:00.000-07:00

This policy has multiple benefits: besides offering security to your family, it also builds a cash value account. The insurance company manages this account for you, and you can choose either receive dividends, reinvest the money to reduce the costs of your premiums, or if needed withdraw money from the account.

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Term Life Insurance

2011-10-16T21:53:00.002-07:00

This is the most commonly known form of life insurance. Term Life Insurance covers you for a specific period of years, usually with a monthly, bi-annually, or annual premium. If you are still alive beyond the term of the policy, it simply expires. This is a simple policy to set up, usually is inexpensive, and is very popular. It also has no cash value.

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Benefits of Life Insurance

2011-10-16T21:53:00.000-07:00

No one wants to consider needing life insurance. In a perfect world, on of us would ever have to. However, if you have a family that depends on you or your spouse, the best way to help them cope with the worst is the have a solid life insurance policy that will keep them from struggling financially after a tragic loss.

Life insurance offers financial security in the worst of times. It can help replace lost income, help provide burial and estate expenses, and pay off debt such as a mortgage, car loans, other outstanding loans, medical expenses, college, and any other sort of financial need.

What Are The Different Life Insurance Policies?

In order to arm you with the facts, InsuranceQuotes.com offers you these simple definitions of the most common policies.

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Protect Your Family: Get Life Multiple Life Insurance Quotes Today

2011-10-16T21:52:00.001-07:00

You know you want your family taken care of, and you know life insurance is the best way to do that. But how do make sure your family has what it needs in the future without paying too much today? InsuranceQuotes.com cuts through the clutter and offers you information without a pushy sales pitch. Get life insurance quotes from multiple agencies using InsuranceQuotes.com, and find the perfect life insurance policy.

InsuranceQuotes.com uses a simple five-minute questionnaire that helps highlight and clarify your family’s life insurance needs. Because InsuranceQuotes.com works with literally hundreds of the nation’s top insurance providers, it is easy for us to guide you to a variety of policy options that meet your criteria – and your price point. We are the best source for online life insurance rates.

By shopping online at InsuranceQuotes.com, you will join the thousands of people that have saved money on their insurance premiums – 10%, 15%, 20% and more! Use our simple system to review life insurance quotes today.

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Dental Insurance Quotes

2011-10-16T21:49:00.002-07:00

Our resources make easier for you to compare and find low cost dental insurance quotes and to find a policy that suits your needs. Using our online library of informative articles, you can research and learn about dental insurance, including deductibles, co-payments, limitations and more.

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Health Insurance Quotes

2011-10-16T21:49:00.000-07:00

Join the millions of people who have saved up to 20% on their health insurance by shopping for health insurance quotes online with InsuranceQuotes.com. Start shopping for health insurance quotes today and find out just how much you could save on your individual or group health insurance costs!

Whether you need car insurance quotes, health insurance quotes, homeowners insurance quotes or life insurance quotes, InsuranceQuotes.com has you covered!

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Home Insurance Quotes

2011-10-16T21:48:00.001-07:00

Need free insurance quotes for homeowners insurance? InsuranceQuotes.com makes it easy to get competitive online insurance quotes at any time and any place – all you need is an Internet connection! When you receive your free insurance quotes, InsuranceQuotes.com can help choose the best insurer with the best rates.

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Life Insurance Quotes

2011-10-16T21:47:00.001-07:00

If the process of buying life insurance seems somewhat overwhelming, you can rest easy. InsuranceQuotes.com offers plenty of resources to take the mystery out of shopping for online life insurance quotes. Check out our library of informative articles then start shopping for free insurance quotes today!

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Auto Insurance Quotes

2011-10-16T21:46:00.001-07:00

Whether you're shopping for car insurance quotes for a new car or looking for better prices on your current auto insurance, let InsuranceQuotes.com help you find the coverage you need. Comparing auto insurance quotes and policies is not a difficult process anymore, yet it requires a little bit of patience from your side. Use our insurance engine to access the best online auto insurance quotes. Enter your zip code and get up to 5 different estimates from the top insurance companies. Let our representative help you read through the details of benefits and coverage provided by the different insurance

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Benefits of Online Mortgage Services

2011-10-14T22:35:00.000-07:00

An online Mortgage Services has many advantages for a potential home buyer. Instead of selecting from the banks and lenders that take place to be in your area, you can select from lenders all over the country or even the world. This type of competition really boosts your chances of getting the most excellent available terms and interest rate. In some cases, you can utilize a rate quote from the Internet to bargain a local lender into presenting an enhanced interest rate.

Another advantage of the Online Mortgage Services is the simplicity of applying. Instead of having to reorganize your schedule to meet the lender’s hours, which can engage you to taking time off from work, you can apply from home at any time you prefer. This eradicates the complexity of getting time off to handle personal business. Also, if you’re working an hourly job, taking time off costs you money. Applying for an online Mortgage Services can also keep your money since you won’t have to drive all over. With the price of gas as high as it is, that can be a main advantage.

The internet Mortgage Services began with several lenders offering them completely. The simplicity of applying ultimately began to take business away from traditional lenders, like banks and credit unions. As a result, about every lender presents an online application process, even if the loan is not a true online mortgage.

Of course, shopping for an online Mortgage Services cannot be completed without its hazards. Just as there are many honest online lenders, there are some doubtful ones, as well. Before you put all of your information out there, it’s important that you have all information about whom you’re dealing with. If it is a lender you’re not known with, it’s an intelligent move to do some research before affecting for their online Mortgage Services. After all, you don’t want to hand your private information over to identity thieves just because they assure you a low interest rate.

The Internet has transformed home buying just like it has changed the whole thing else. There’s no need to run all over the city to look for a way to finance your new home. An Online Mortgage Services can save you time and money and even give you some influence when negotiating with a traditional lender. But, as with anything else, it’s significant to do your research and recognize what you’re getting in to before making any final contracts. An Online Mortgage Services can be a deadly trap as well as being a great expediency.

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Policy Mortgage Insurance: A Lifeline When Understood

2011-10-14T22:34:00.001-07:00

While policy mortgage insurance can be a great asset to have in your corner you does have to understand the product and what it can and cannot do. You should not that the cover doesn’t have to be purchased at the time of taking out the mortgage you can choose to purchase it independently from a standalone provider and historically this is the cheapest way of doing so.

Policy mortgage insurance or mortgage payment protection insurance (MPPI) as it is sometimes called is taken out by those who have monthly mortgage repayments to make and who worry how they would find the money to continue repaying them if they should suffer an accident, an illness or if they should become unemployed by such as redundancy. The majority of lenders will offer policies for monthly premiums which can be taken out to cover against coming out of work due to accident and sickness only, unemployment only or for all three.

If you take out the cover and it is suitable for your circumstances then a policy would begin to provide you with an income which would begin to payout typically between the 30th and 90th day of being out of work. The income would be tax free and would last for between 12 and 24 months depending on providers. You do however have to make sure that your circumstances are right for a policy, there are exclusions in all mortgage insurance policies and some of the most common include if you only work part time, are of retirement age or if you suffer from an illness at the time of taking out the policy.

Policy mortgage insurance can help you to keep the roof over your head but only if you understand and have read the exclusions and the key facts of a policy and the specialist should provide you with these along with some of the cheapest quotes for the cover that can be found online. Always read the small print and take the advice of a specialist lender and you will have the money to continue making the repayments on your policy mortgage insurance and so not get into arrears and possibly lose your home.

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What Are The Pros And Cons Of Life Insurance On Mortgage

2011-10-14T22:33:00.000-07:00

Like the name implies, life insurance on mortgage or mortgage life insurance, is there to repay your mortgage in the event you die or are disabled and can no longer make payments. You will be offered life insurance on mortgage when you fill out loan papers for your house and sign your mortgage. You can decline this insurance when it is offered, but if you choose to decline this insurance you will be required to sign several forms and waivers verifying your decision to decline the coverage.

Why do you have to sign waivers to decline life insurance on mortgage? Officially, to designate that you understand the risks associated with having a mortgage and the possibility of dying and not being able to pay it off. But mostly it is there to give you second thoughts and persuade you into buying it. In truth, mortgage life insurance benefits the lender more than it benefits the borrower.

Is mortgage life insurance worth the cost? As with everything, there are pros and cons. Let’s take a look and you can decide if you need mortgage life insurance or not.
Advantages of life Insurance On Mortgage:
Life insurance on mortgage gives your family peace of mind. In the event of a terminal illness or your untimely death, the life insurance on mortgage policy covers your loan to the bank and your mortgage is repaid in full. The benefit knows that your house will be fully repaid and you will not have to worry about your family struggling to make mortgage payments.
Another advantage of life insurance on mortgage is near universal coverage with minimal underwriting – there is often no medical examination or blood sample required at the inception of your policy. Thus it can be a valuable insurance policy option for the homeowner that has serious preexisting medical conditions that would preclude a normal life insurance policy.
Disadvantages of life Insurance On Mortgage:

In general there are four reasons why there are better options than life insurance on mortgage: it is a decreasing benefit; it benefits the lender, not the borrower; you have no control over the policy payout; and it can be more expensive than a comparable term life insurance policy.
Life insurance on mortgage is a decreasing benefit. Mortgage life insurance premiums are a fixed rate, but the payout is generally fixed to your mortgage principle. So the value of the policy decreases as you repay your mortgage. Buying a standard term life insurance policy gives you a fixed premium and a fixed payout. You know exactly how much will be paid out in the event you or your loved one dies.
Life insurance on mortgage policies benefits lenders more than the insured party. It is important to note that your family will not actually see any of this money from this insurance policy. The mortgage lender is the policy beneficiary and if you die the bank will receive the life insurance payout which will be used to repay the mortgage in full. The benefit for your family is a house paid in full.
You have no control over where the life insurance settlement goes. As mentioned in the above paragraph, the life insurance settlement is automatically sent to the bank to cover the terms of the mortgage. Not having a mortgage may give you peace of mind, but that may not actually be the best use of your funds at the time. A traditional term life insurance policy gives you better control over how to use your life insurance settlement. For example, if you have a lot of debt at a higher interest rate it may be more prudent to repay that debt before repaying your mortgage.
Life insurance on mortgage is expensive for the amount of coverage. The premiums you pay at the beginning of your mortgage are probably in line with the amount of coverage you are receiving, but as time goes on you receive much less coverage for the money. You are more than likely better off going with a term life insurance policy and getting sufficient coverage to pay off your home in full if that is your goal. Be sure to get multiple life insurance quotes before purchasing your life insurance policy.

Here are some of the pros and cons of life insurance on mortgage. I hope this will help out you to make your decision whether this is suitable for you or not.

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What You Need To Know About Mortgage Protection Insurance

2011-10-14T22:31:00.001-07:00

Mortgages were seen in the boom years as a foolproof way of borrowing, leading to inevitable profits from soaring house prices. Now the recession has hit, many people are struggling to repay their mortgages by themselves – this is where mortgage protection comes in.

During the boom years, many people were able to borrow up to six times their own salary – sometimes more – to buy a property. When times were good, it was just about feasible to keep up on the repayments, safe in the knowledge that the price of your property was steadily climbing, and would surely leave you in clear profit, should you need to sell up.

For many, the mortgage they were once so happy to be granted has now become a millstone around their neck. With negative equity virtually sweeping the country, the terms ‘mortgage’ really has taken on a bitter taste, especially for those who, as a result of a slowing economy, have lost their jobs and can no longer afford to pay the monthly installments. For them, mortgage protection insurance would have been a very good idea in hindsight.

A mortgage is usually taken out on the understanding that the borrower can pay the mortgage repayments out of their income. The mortgage provider calculates the risk they are taking that the borrower will be able to keep up monthly installments, based on their salary, other income and their expenses. Unfortunately, overconfidence by mortgage lenders, as well as borrowers, during the years leading up to 2007 led to many thousands of borrowers being lent sums that they simply wouldn’t be able to repay.

It’s only more recently, now that house prices are falling, that people have really started to discuss ‘mortgage protection’. Mortgage protection is an insurance policy which can cover the borrower in the event of redundancy, illness or injury.

When you take out a mortgage, you will be told about the monthly payments you will need to make in order to pay it off in the given time period. There is an option to ‘protect’ your mortgage by paying a slightly higher tariff each month, or by taking out mortgage protection cover with a different provider. While the different mortgage protection insurance give different sorts of cover, they mostly relate to redundancy, illness or injury. If you pay extra each month for mortgage protection which covers redundancy, it will mean that, in the event of you losing your job or suffering from an illness or injury which prevents you from working, the insurance company will pay your mortgage payments for you for a fixed term, and you will not face repossession of your property by the mortgage lender.

To decide whether it is worth taking out mortgage protection insurance, it is important to think seriously about the likelihood of something happening which would cause you to be unable to pay the repayments (thereby potentially losing your property), and weigh this up against the disadvantages of paying extra on top of your mortgage payments while you are still employed and healthy.

As losing your home is likely to affect more people than yourself, it is also wise to talk it through with friends and family. The most important thing is to seek advice on your options, consider all possible outcomes, and make an informed decision, based on the facts.

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