Mortgage Payment Insurance:

Accident & Sickness Cover
This is designed to help you meet your mortgage payments if you are unable to work for a period of time due to sickness or accident. This would normally pay out a monthly sum sufficient to cover the mortgage payment and associated costs for a defined period of time, usually 12 months at a time.

The deferred period can be altered to take into account any employers sick pay benefits that you may have. 30, 60 & 90 options are available.

Unemployment Cover
This type of cover will pay a monthly sum should you become unemployed, through no fault of your own. Cover is often offered as an 'add-on' to Mortgage Payment Insurance but can also be offered on its own.

Income Protection
Income Protection is intended to insure your income (i.e. a higher amount of cover than is available under a normal accident or sickness policy) should you be unable to work to accident, sickness or disability.

The two other main differences are that it can be taken out irrespective of whether there is a mortgage to protect and cover would often pay out for full term (ultimately this could be a continuous payout until retirement age).

In addition there are numerous other options available such as indexation (so the benefit has the same ‘buying power’ in the future), deferred periods from 4 to 102 weeks and split benefit periods.

Please call us so that we can talk you through the options.