No one knows what the future may hold. Today you may be a healthy and able employee who earns
a steady pay check to pay for food, clothing and for your children's school tuition fees. But tomorrow,
this may not be the case for you any longer. You may become suddenly unemployed because of an
unfortunate accident or sickness that will affect your financial stability. What's even more unfortunate
is the fact that over 70% of individuals fail to qualify to avail of Income Support and even if you happen
to belong to the 30% who do qualify, you're only entitled to receiving a small percentage of your normal
income.
This is where mortgage protection insurance comes in handy. It gives you protection in case of
hospitalization, accident and sickness that leaves you disabled, involuntary unemployment or if you had
to resign from your job to become a full time care taker of a disabled family member.
How It Works
There are a number of areas covered by mortgage protection policy and you can have the option to
choose the type and level of the mortgage protection cover you need, whether it's just accident and
sickness, or only unemployment cover.
You also choose the amount of monthly cover you need and you pay your premium when the due date
arrives. With the mortgage protection insurance, your monthly repayment and possibly some other
related payments such as insurance premiums for your house are covered so should the worse happen,
you can have the peace of mind that the roof over your head is completely protected.
After a set period of 12 months normally, most mortgage payment protection insurance policies stop
paying out but there are some however that make payments for an even shorter period of time, six
months to be specific.
Who are Eligible
You are normally eligible to avail of a mortgage protection insurance policy if:
1. You are 18 years old at least and under the age of 65
2. You are a permanent resident and working within the UK, Isle of Man or Channel Islands and
also qualify to receive jobseeker's allowance
3. You have been working for over six months in the same company and if you are a contract
employee or self-employed, working for more than 16 hours a week
4. You are availing of the Mortgage Payment Protection insurance policy in order to protect the
mortgage on the private residential property you are residing in
5. You agree to the terms and conditions of the Mortgage Protection Insurance
a steady pay check to pay for food, clothing and for your children's school tuition fees. But tomorrow,
this may not be the case for you any longer. You may become suddenly unemployed because of an
unfortunate accident or sickness that will affect your financial stability. What's even more unfortunate
is the fact that over 70% of individuals fail to qualify to avail of Income Support and even if you happen
to belong to the 30% who do qualify, you're only entitled to receiving a small percentage of your normal
income.
This is where mortgage protection insurance comes in handy. It gives you protection in case of
hospitalization, accident and sickness that leaves you disabled, involuntary unemployment or if you had
to resign from your job to become a full time care taker of a disabled family member.
How It Works
There are a number of areas covered by mortgage protection policy and you can have the option to
choose the type and level of the mortgage protection cover you need, whether it's just accident and
sickness, or only unemployment cover.
You also choose the amount of monthly cover you need and you pay your premium when the due date
arrives. With the mortgage protection insurance, your monthly repayment and possibly some other
related payments such as insurance premiums for your house are covered so should the worse happen,
you can have the peace of mind that the roof over your head is completely protected.
After a set period of 12 months normally, most mortgage payment protection insurance policies stop
paying out but there are some however that make payments for an even shorter period of time, six
months to be specific.
Who are Eligible
You are normally eligible to avail of a mortgage protection insurance policy if:
1. You are 18 years old at least and under the age of 65
2. You are a permanent resident and working within the UK, Isle of Man or Channel Islands and
also qualify to receive jobseeker's allowance
3. You have been working for over six months in the same company and if you are a contract
employee or self-employed, working for more than 16 hours a week
4. You are availing of the Mortgage Payment Protection insurance policy in order to protect the
mortgage on the private residential property you are residing in
5. You agree to the terms and conditions of the Mortgage Protection Insurance
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