I want my monthly mortgage repayments to be paid if I can't work due to sickness, accident or unemployment. What sort of insurance do I need?

Mortgage Payment Protection Insurance meets your mortgage repayments if you can't work due to accident, sickness or unemployment - a very important form of insurance because your home is at risk if you can't maintain the repayment of loans secured against it.

With a Mortgage Payment Protection policy, you can only claim once you have been unable to work for a minimum period. This is called the “qualifying period” and it is normally 28 days or a month. Some policies start after the qualifying period but better policies backdate the payments to the first day you were off work.

Once you have made a claim, your mortgage payments will be covered until you are either back at work or have reached the maximum amount of time the policy will pay (usually 12 months), which ever happens first.

The Mortgage Payment Protection policies available through this website offer the option of insuring for accident and sickness only, just unemployment, or a combination of all three. If you can afford it, we recommend insuring against all three, as the premiums are relatively reasonable.

IMPORTANT.
If you want your outstanding mortgage capital to be paid off if you became seriously ill, you need Critical Illness Insurance.