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Why should you have Mortgage Payment Protection Insurance?: Your home is at risk if you fail to keep up the repayment of loans secured against it.
You have a Repayment Mortgage. What sort of Life Insurance do you need?: You need Mortgage Life Insurance. Mortgage Life Insurance makes sure that the capital outstanding on your repayment mortgage would be repaid if you died.
How Much Should You Insure For?: For mortgage protection purposes the initial sum insured must always equal the capital sum outstanding on your mortgage. You should also insure yourself for the same number of years that are remaining on your mortgage.
Should I include Terminal Illness Insurance?: Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
Should I include Terminal Illness Insurance?: Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.

Do I Need Mortgage Payment Protection Insurance?

With Mortgage Payment Protection Insurance your monthly mortgage repayments are covered if you become unemployed, have an accident, or become sick, and this keeps you off work for 30 days or more.

This insurance will continue to pay out until you get back to work again, to a maximum of 12 months. Mortgage Payment Protection Insurance is not compulsory – however it’s a very good idea to take out a policy because if you are unexpectedly unable to meet your mortgage repayments due to no fault of your own, you will not be at risk of losing your home.

Your lender may offer this type of insurance so you can combine it with your mortgage payments, however you will probably be able to get a cheaper deal by buying it through Brokers Online.

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