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Compare mortgage payment protection insurance (MPPI) quotes to find a policy that can cover your mortgage payments if you find yourself out of work.

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  • Mortgage payment protection insurance (MPPI) has different levels of cover
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What is mortgage protection insurance?

This type of insurance pays your mortgage if you are out of work. Depending on the kind of mortgage protection insurance policy you choose, you could be covered if you fall ill, are injured, or lose your job.

Mortgage protection insurance pays a monthly income for a set amount of time if you can’t work. That amount of time varies depending on your policy – some might offer six months of payments, while others could pay for up to two years, but most policies pay out for around a year.

It’s sometimes called mortgage insurance or mortgage payment protection insurance (MPPI).

Is mortgage protection worth it?

It’s likely that your mortgage is your most expensive outgoing each month. Could you afford to continue making monthly mortgage payments if you stopped receiving an income because you were out of work? If the answer is no, you could risk losing your home, in which case you may wish to consider getting a mortgage protection insurance policy.

What mortgage insurance cover can I choose?

When you apply for MPPI, there are three types of mortgage protection insurance to choose from, each with differing levels of protection. These are:

  • Accident and sickness, which covers you if you develop a long-term illness or get seriously injured

  • Unemployment, which covers you if you’re made redundant

  • Accident, sickness and unemployment, which covers both of the above scenarios

The third option is the most comprehensive type and offers you the most cover. However, it’s likely to be the most expensive type of mortgage protection.

The size of your payment is based on the type of cover you choose. Most insurers let you choose an amount that covers your monthly mortgage repayments exactly. Some also let you add additional cover for other outgoings such as bills. For example, this might be an extra 25% on top of your mortgage repayments.

There are also some mortgage protection insurance policies that pay you based on the size of your salary. For example, you could get mortgage protection cover for 50% of your salary.

Most policies let you set a pay-out term of up to two years. If you’d like to receive payments for longer than two years, get quotes for a standard income protection policy instead.

What if I’ve got a pre-existing condition?

You might struggle to get mortgage protection insurance if you’ve had health problems over the last year. Some insurers simply won’t offer cover for pre-existing medical conditions. Others might have tight criteria and charge more if you suffer from a pre-existing condition.

Sometimes insurers don’t let you claim at all if you can’t work for reasons related to a pre-existing medical condition. Others might say that if that condition comes back within a year or two of taking out the policy, you won’t be able to claim.

Check the mortgage protection policy carefully and look at all your options before you proceed.

What kind of jobs are considered high risk when you take out MPPI?

Most MPPI providers categorise different jobs according to how risky they think they are.

For example, someone who works in an office and doesn’t do much business mileage would be considered a very low risk. The risk increases if you’re a skilled manual worker, or someone who covers a lot of business miles. Heavy manual workers, construction workers and mechanics are among the highest risk jobs.

If an insurer thinks you’re more likely to claim, your premiums will probably be higher too.

Can I get mortgage protection insurance if I’m self-employed?

Mortgage insurance can offer useful protection to self-employed people who don’t receive any benefits such as sick pay or redundancy pay.

If you’re self-employed, mortgage protection could allow you to pay your mortgage if you fell ill and couldn’t work.

Note: not all policies cover self-employed people. Make sure you check the policy carefully to see if you’re covered.

How do I claim on my mortgage protection insurance?

Generally, you’ll need to be off work for an agreed number of days before you can start claiming. This is called the waiting period, which could be between 30 and 180 days. 

A longer waiting period will reduce your policy’s premiums. One reason to choose a longer period is because the company you work for gives you sick pay. If this is the case, you could rely on your employee benefits for a short time, enabling you to choose a cheaper policy.

Providers will likely apply an exclusion period, also around 30 to 180 days, to the start of your insurance term. During this time, you cannot claim, and it’s likely that unemployment cover will have a longer exclusion period than accident or sickness cover. This is to stop people who are at risk of redundancy from taking out policies.

Can I claim on my mortgage protection insurance if I’m off due to mental health issues?

You can usually claim if you’re off for mental health reasons, but you might need to prove to the insurer that your mental health prevents you from working.

Are there any alternatives to mortgage insurance?

Yes. Mortgage protection insurance is one way to protect your income, but there are others. These include:

Life insurance. This pays out to your loved ones if you die during the policy. You can set the level of cover and also choose whether it pays a lump sum or monthly payments

Critical illness insurance. This covers you against health conditions. You can choose what illnesses to cover, but they’re usually common conditions such as heart attacks, strokes and some forms of cancer. The policy pays out a lump sum if you are diagnosed with one of the health conditions you’re covered for

Income protection. This pays you an income if you can’t work due to illness or injury. Unlike mortgage insurance, it’s not specifically linked to your mortgage, so you could use your monthly payments for whatever you like

Employee benefits. Some employers offer excellent sickness and redundancy benefits. These might leave you feeling secure enough to do without mortgage protection

Government benefits. If you find yourself in a sticky situation, you might be able to get benefits to help you out. For example, you might be able to claim the jobseeker’s allowance

Don’t forget that most mortgages come with an option to take a three-month mortgage payment holiday if you need to, but mortgage protection insurance ensures the mortgage continues to be paid on your behalf.

Here’s how to decide if you need income protection.

How much does MPPI cost?

The price of MPPI is affected by several factors. These include:

  • your age: the younger you are the cheaper your premiums

  • your health,including any pre-existing medical conditions

  • your job: ahigh-risk role makes your policy more expensive

  • the level of payout: the more your monthly mortgage repayments are, the more your policy will cost

  • what you want protection against: cover against unemployment, sickness and injury will be more expensive

  • the waiting period on the policy: setting a longer period before you can make a claim will reduce the cost

How do I get the best mortgage protection insurance?

Fill out our online quote form to find the mortgage protection insurance policy that’s right for you. 

When you apply for a mortgage protection insurance policy, make sure you give correct information about yourself. If you don’t, your mortgage insurance company might not pay out when you need to make a claim.

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Why compare income protection insurance with

By comparing home insurance, you could save money on the policy. The best value income protection insurance will offer you the cover you need, at a price you can afford. Choose a cover plan from the best UK insurance companies and see the online discounts they offer.

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Last updated: 24 May, 2022