Glossary - Mortgage Protection Insurance

Mortgage Protection Insurance is cover for your mortgage repayments against the risk of redundancy,illness etc.
Mortgage protection insurance covers the customer against a whole range of events, from unemployment, redundancy, accidents and illness. Your mortgage need not be at risk, mortgage protection insurance is easy to obtain and it can give you peace of mind.

Example: Mortgage Protection Insurance
Gives peace of mind on mortgage repayments especially those who are self employed or who are contract workers. If you are laid off temporarily, made unemployed or unable to get a contract, then you may find it difficult to get benefits during this time, Mortgage Protection Insurance can help.
Some policies will cover mortgage repayments for up to 12 months whilst you are looking for employment or are recovering from an accident or illness. There may be a deferral period in these policies which mean repayments must be paid until the mortgage provider meets your mortgage requirements. This period varies from provider to provider.
Each policy has different terms and conditions when claiming. So always check for types of exclusions

Useful Tip
Some mortgage insurance policies may have an excess period. This is the time the customers will have to wait before they start to receive mortgage protection insurance payments. The excess period can differ from greatly from provider to provider, it can vary from no waiting time at all to waiting from thirty, sixty or even ninety days.

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