Your home is considered to be your most important possession, and if you fail to pay your mortgage, you and your family could be faced with repossession, and homelessness. For this reason, Mortgage Insurance is a crucial product to consider whether you're buying a new home, or simply looking for extra security and peace of mind.
What is it?
Mortgage Payment Benefit offers you tax free monthly payments that help you pay your mortgage should your income cease for any reason. This could be as a result of an accident or long-term illness that has left you unable to work, or because you have been made redundant. If you were unlucky enough for any of this to happen, a comprehensive mortgage payment protection policy could ensure that you don't fall behind on mortgage payments, thereby removing that worry while you're out of work.
It is important to be aware that there are conditions attached to a mortgage insurance policy, and we will advise you on this.
As an example, some policies may not pay out until you have been out of work for a full month, although many will then backdate your first payment to include this period.
Other Mortgage Insurance policies only cover a limited amount of time, usually 12 – 24 months, and some may offer you the option to extend your cover period, so it's vitally important to consider your circumstances before choosing to buy a mortgage payment protection policy.
Who is it For?
It is suitable for anyone who owns a property with an outstanding mortgage.