Do I have to get Mortgage Payment Protection Insurance?

Mortgage Payment Protection Insurance is well worth getting because it covers your monthly mortgage repayments if you become unemployed, have an accident, or become sick, and you are unable to work for more than 30 days. Mortgage Payment Protection Insurance will continue making the payments until you return to work, for a period of up to 12 months.

Mortgage Payment Protection Insurance is not an essential requirement of a mortgage as Mortgage Life Insurance often is. However as with most types of insurance, it exists for a very good reason and you have to consider what you would do if you did find yourself unexpectedly unable to meet your mortgage repayments due to no fault of your own. Ultimately, your home could be repossessed.

Your mortgage provider will probably offer this type of insurance and allow you to incorporate it into your mortgage payments. In our experience they are always overpriced and we highly recommend you shop around for a cheaper deal.