Mortgage Payment Protection Insurance

A Mortgage Payment Protection Insurance policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the Mortgage Payment Protection Insurance should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan.

Protecting your Mortgage Payments is important, if something occurs making you unable to pay your mortgage for a period of time, but what would happen if you were to die. An alternative to Mortgage Payment Protection Insurance is Mortgage Life Insurance. Mortgage Life Insurance guarantees you will be providing for your family once you are gone. The burden is loosing your loved ones is hard enough. Mortgage Life Insurance is designed to pay off your mortgage loan in the event ofyour death. To learn more about the benefits of mortgage insurance click here