Mortgage Payment Protection
Are You Covered?
Mortgage Payment Protection Insurance is designed to meet your mortgage and associated insurance payments in the event of being made involuntarily unemployed or being unable to work due to accident or illness.
Levels of redundancy have risen sharply in the last few years. There may be many reasons for this but one thing that is likely, is that if you lost your job, it could have serious implications on your finances.
For most of people their mortgage is their biggest monthly outlay and if this payment becomes unaffordable you run the risk of losing your home.
Mortgage Payment Protection is designed to protect these payments until you have found a new source of employment and income, or you have recovered from an accident or illness.
Payments are made tax free and cover can be provided to protect your mortgage and any other associated insurances, such as buildings, contents and life cover etc.
Following a chosen deferred period, typically 30 days after being made involuntarily unemployed, the payments will commence. After a specified period (normally 12 or 24 months) the payments will cease, by which time you will hopefully have secured new employment.
