What is mortgage protection insurance for?

Mortgage protection insurance is a policy designed solely to cover your monthly mortgage payments if you find yourself unable to work.

This could be because of a serious illness or an accident, or it could be because you were made redundant on an involuntary basis.

You pay a monthly premium for the insurance, and in return your policy will pay out a set amount each month to cover your mortgage payments if you need it.

Mortgage protection insurance policy usually cover mortgage payments of a period between 12 and 24 months – depending on the policy and level of cover you opt for.