What exactly is Mortgage Payment Protection Insurance?

Basically, Mortgage Payment Protection Insurance means you don't have to worry about your monthly mortgage repayments if you lose your job or fall ill - a great help at a really difficult time.

To make a claim you have to be off work for a certain number of days - this is known as the “qualifying period” and is normally either 28 days or a month. Some Mortgage Payment Protection policies begin making payments after the qualifying period, but better policies (and these are available through the brokers we work with) backdate the payments to the day you started to be off work.

Once you have started to claim, the policy will meet your monthly mortgage repayments until you are either back at work or have come tot he maximum number of months the policy will pay out - this is usually 12 months).

With the Mortgage Payment Protection policies generally available, you can choose to insure yourself for accident and sickness only, unemployment only, or all three. The premiums are very affordable and you should seriously consider taking out this form of insurance to protect your mortgage repayments.