You want to ensure that your monthly mortgage repayments are paid on your behalf if you were off work due to sickness, accident or unemployment. What sort of insurance do you need?

You need Mortgage Payment Protection Insurance. This type of insurance is also known as Accident, Sickness and unemployment (ASU) Insurance.

 

Mortgage Payment Protection Insurance is designed to take away the worry of whether you could manage to pay for your mortgage repayments if you were off work due to accident, sickness or unemployment. (Please do not forget that your home is at risk if you fail to keep up the repayment of loans secured against it.)

With a Mortgage Payment Protection policy you can only claim after you have been off work for a minimum number of days. This is known as the “qualifying period” and it is usually 28 days or a month. With some policies the mortgage payments will only start after the qualifying period but with the policies we offer, the claim is backdated to the day you were first off work.

Once you have started to claim, the insurance policy will continue to pay your mortgage until you are either back at work or have reached the maximum number of months the policy will pay (typically 12 months), which ever arrives soonest.

The Mortgage Payment Protection policies offered by Burgesses, our Product Partners, you the option of insuring yourself for just accident and sickness, or just unemployment, or all three. Most People insure themselves for all three as the premiums are relatively modest.

Please do not forget that your home is at risk if you fail to keep up the repayment of mortgages and loans secured against it.

IMPORTANT.

If you need insurance that repays your outstanding mortgage capital if you became critically ill, you need Critical Illness Insurance.

Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -

• What happens if you need cover quickly in order to complete a house purchase?
• You have a Repayment Mortgage. What sort of Life Insurance do you need?
• You have an Interest Only Mortgage. What sort of Life Insurance do you need?
• Should you include Critical Illness Insurance on your policy?
• You want to ensure that your monthly mortgage repayments are paid on your behalf if you were off work due to sickness, accident or unemployment. What sort of insurance do you need?
• What is Mortgage Payment Protection Insurance?
• Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
• Will a claim under a Mortgage Payment Protection policy affect any State benefits to which you may be entitled?
• Go to menu of Frequently asked Questions about Mortgage Life Insurance
• Go to menu of Frequently asked Questions about Critical Illness Insurance