If you were to find yourself out of work after suffering from an accident, were to become ill or become unemployed then life could get extremely hard and you could be at risk of losing your home if you cannot keep up with the mortgage repayments. However, the solution to this financial nightmare is mortgage payment protection insurance.
Regardless of your circumstances your mortgage would still have to be paid and if you had checked a mortgage payment protection insurance policy against your circumstances and found it suitable, then you would not have to worry. Once you had been out of work for between 31 to 90 days depending on the provider you would receive an income which would allow you to continue repaying your mortgage. The money would be tax free and would then continue paying out each month for between 12 and 24 months depending on the provider.
However you do have to check that a policy would be suitable and you would be eligible to claim because there are exclusions which could mean a policy would be useless in your circumstances. If you only work part time, suffer a pre-existing medical condition, are retired or self-employed then a policy would not be...
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