Mortgage Repayment Insurance
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Have you ever thought about how you would keep up with your mortgage repayments in the eventuality that you were unable to work due to an accident, debilitating illness or involuntary unemployment?
A mortgage repayment insurance policy is designed to help to pay your mortgage repayments in such circumstances as these. With mortgage repayment insurance, you could receive regular monthly payments for up to a year should you be unable to work due to unexpected illness or redundancy.
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To qualify for a mortgage repayment insurance quote, you will generally need to satisfy the following:
- You will be a UK resident aged between 18 and 64 and in permanent, paid employment for a minimum of 16 hours per week
- You will be paying off a mortgage for a property that is your main residence and be up to date with your repayments
- You are unaware of any reason, such as long-term illness or impending redundancy, which may mean that you will make a claim under your policy.
Mortgage repayment insurance tends to work in the following way:
- If you were to become unable to work due to illness or an accident, or be subject to involuntary unemployment, you could claim on your policy (depending on the level of your cover).
- You would then receive a monthly tax-free sum to help you with your mortgage repayments, following a qualification period that you would normally have opted for when applying for a quote.
- You could normally continue to receive payments from your policy for up to twelve months as you require.
- Each mortgage repayment insurance policy is subject to a number of exclusions, so it would be a good idea to make yourself aware of these.
Mr Stevens, 53, is a postman from Worcester. Last year, he tore a ligament whilst playing cricket and was therefore unable to work for several months.
Fortunately, he was covered by his mortgage repayment insurance and, after receiving his monthly tax-free payments from his policy, was able to keep up with his mortgage repayments before returning to work upon his recovery.