Mortgage Payment Protection Insurance

Compare mortgage payment protection insurance with Harvey Bowes. You’ll be amazed at the different features and benefits between mortgage payment protection providers. What does it do? Mortgage payment protection is designed to pay your mortgage and other essential bills in the event that your income is adversely affected by illness or injury. Some policies also cover redundancy too.

Why is it so important? In critical times such as these, protecting your income is more important that ever. And when it comes to redundancy, you may feel that your company is likely to give you a good redundancy package, however, if they go bust it is likely that you will have to rely on ‘statutory redundancy’ which isn’t that much at all.

Mortgage payment protection insurance provides peace of mind that in the event of loosing your income, you have cover to ensure you can meet essential bills. And this cover could last for the whole remaining term of the mortgage depending on your circumstances and the type of policy you have.

Statutory payments available from the government in the event of sickness, illness or redundancy are ‘means’ tested, this means that if you have savings you may not be entitled to claim anything until those savings diminish. It is also important to note that statutory payments are capped, so if you have a larger mortgage than the current limits permit, the government payments will not cover the basic amount you need.

How much cover can I qualify for?

To have cover for your lifestyle and expenses, as well as for your essential mortgage and bills, you will need to prove your income. You cannot be ‘better off’ financially by having the cover than you would be if you were able to continue working. However, there is Mortgage Payment Protection Insurance available which is designed to only cover your mortgage and essential bills. Under this type of policy you do not need to prove your income to qualify for opening a policy or for claiming. This may be an ideal type of policy for someone who has an income that fluctuates, such as someone being paid commission only, or perhaps a taxi driver or seasonal worker.

To find out more about mortgage payment protection, contact one of our advisors today, on 02921754150

Your home may be repossessed if you do not keep up repayments on your mortgage

Leave a Reply

Your email address will not be published.