Will the Mortgage Payment Protection Insurance pay your interest and capital?

You decide how much you want the insurance to pay out each month if you’re off work. So make sure your cover is sufficient to meet your full monthly repayment to your mortgage provider.

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What is Mortgage Payment Protection Insurance?
Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment. (Don’t forget that your home is at risk if you fail to keep up the repayment of loans secured against it.)
Should you insure for accident and sickness or accident, sickness and unemployment?
The Mortgage Payment Protection policies we offer gives you the option of insuring yourself for:
Do you have to buy your Mortgage Payment Protection Insurance through your mortgage lender or mortgage broker?
No, you don’t have to buy through your mortgage lender or mortgage broker and it will almost certainly be cheaper here online.
What is Mortgage Life Insurance?
Mortgage Life Insurance is sometimes called Mortgage Protection 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.
Mortgage Payment Protection Insurance is very simple. You decide how much you want the insurance to pay each month. It doesn’t matter whether you have a Repayment Mortgage or an Interest Only Mortgage, the insurance pays the sum you decided to insure for.

We suggest that you check how much your mortgage repayments are each month and if you have a variable interest rate, add a bit more just in case interest rates rise.

Mortgage Payment Protection Insurance is only designed to replace lost income and meet your monthly mortgage repayments for up to 12 months. Mortgage Payment Protection Insurance will not repay the capital to your mortgage lender if you were to die or become critically ill or unable to ever work again. You need Life Insurance to cover you in case you were to die and Critical Illness Cover in case you became critically ill or unable to ever work again.

Frequently Asked Questions related to the above topic.
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