Mortgage Payment Protection Insurance

Mortgage payment protection insurance can help protect against unforeseen financial problems that might impact on your ability to make mortgage repayments. Redundancy, illness or injury might prevent you from working and you might not be able to rely on your savings to cover the mortgage costs in such circumstances.

Mortgage payment protection insurance provides coverage for such situations. State benefits will not be available to everyone, and so this kind of insurance provides a safety net for such situations. The maximum period of benefit for mortgage payment protection insurance claims usually covers 12 to 24 months of payments.

Consider the following questions:

If you were made redundant or rendered unable to work for a time how would your finances manage?
Could you continue to make mortgage repayments in such a situation?
How far would your savings stretch?

Considering the answers to these may help you with working out if mortgage payment protection insurance is something you would find worthwhile.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.