If you stopped getting an income due to being out of work, could you afford to pay your mortgage? If your answer is no, you should consider a mortgage protection insurance policy.
Mortgage payment protection insurance (MPPI) will pay you a monthly income for a set term if you cannot work, e.g. 2 years.
Most mortgage insurance providers let you choose a payout that matches your monthly mortgage repayments. Some MPPI insurers also let you add cover for your bills, for example an extra 25%.
What mortgage protection insurance cover can you choose?
When you apply for MPPI, you can choose from three types of mortgage insurance cover:
Accident and sickness
Accident, sickness and unemployment
You can get an income paid to you for a set term, with most mortgage protection insurance policies offering a payout term of up to two years.
If you would like a mortgage protection insurance policy that pays out an income for a longer term, get quotes for a standard income protection policy instead.
How much does mortgage protection insurance cost?
The price of MPPI is affected by:
Your health, including any pre-existing medical conditions
Your type of job
The mortgage protection insurance payout you choose
When you apply for a mortgage protection insurance policy, make sure you give correct information about yourself. If you do not, your MPPI insurer may not pay out when you make a claim.
Complete our online quote form to find the cheapest income protection policy.