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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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