Mortgage Payment Protection

The purpose of this cover is to cover a loan or an outgoing that would need to be paid if you were of work due to accident illness or unemployment. The insurance will cover your income, loans, mortgage payments, credit card payments or household bills. It is essential to ask yourself how long you and your family could pay the bills for if any key family member was off work. It is beneficial to have a contingency plan to make sure that if somebody was made redundant or couldn’t work due to illness or injury that the bills can be paid and you don’t  fall behind with payments to creditors.

The cover will payout after a chosen deferred period or waiting period, so after you off work for this amount time then it will start to pay out. Examples of waiting periods are 30, 60, 90 day waiting periods. The cover will also payout up to between 1 – 2 years if you continue to be off work.

It is up to you to decide which cover you choose, most people take out accident, sickness and redundancy cover however it is also possible to just take out redundancy cover or just accident and sickness cover.

The cover will also allow you to add associate costs to the monthly figure such as life insurance for mortgage payment protection cover. Please speak to our mortgage payment protection advisor’s regarding this.

If you just want to take out mortgage payment protection cover then this can be cheaper.

It is essential to make sure you take out cover with the right provider and essential that the policy documents are read to make sure that the cover suits your needs.

Please contact our team who will be able to advise you on which policy is best value with comprehensive cover.