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.

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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.
How Much Will It Cost?: You can have Mortgage Payment Protection Insurance for either unemployment alone, sickness and accident, or all three. The costs of the policies we sell are as follows: -
How long should I insure for?: It makes sense to keep the insurance in place for as long as you have a mortgage.
Is there any investment value in your policy?: No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!
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 know as Accident, Sickness and unemployment (ASU) Insurance.

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.