If you have a heavy mortgage loan to pay back you must be prepared for any uncertainty. What if you lose out on your earnings and are unable to pay? There are other expenses that you need to bear apart from the paying of your loan. What can you do to safe guard your mortgage payments?If you ignore this, you and your family will have to live on as well as make the necessary adjustments to cope with a disability and extra Medical Bills.

Payment protection insurance - a weapon against financial crisis!You can use this weapon against the mortgage loan broker who tries to harass you in case you default on your loan payments. Your insurance cover will pay your mortgage broker on your behalf and you can stay relaxed even in a situation of redundancy, sickness, accident or any other disability. Do not give into any kind of mis-selling by your mortgage broker.

Saving for a Down Payment on Your First Home

It is not mandatory to buy a mortgage protection insurance. It is just an option to protect your loan payments. You have a choice to take up such an insurance cover along with your loan or later with another lender.In addition to this, you also get tax benefits for an insurance coverage.

Save on your tax and get protected at the same time. When you feel like canceling this insurance cover at any point in time, you are free to do so. It is usually a period of 14 to 30 days from the start date of the policy you have legal right to nullify it. Some may offer you to nullify it when ever you want to, check with your insurance company.