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Types of Mortgage insurance policies
There are two types of mortgage insurance available in today's market:
- Mortgage Payment Protection insurance
Mortgage Payment Protection will pay off your mortgage repayments if you are ill or unemployed for periods over 1 month. Traditionally you can cover yourself against illness, unemployment or both benefits combined together. The combined cover is usually around 80% of the price of both benefits taken out separately.
- Mortgage Life/Protection insurance
Mortgage Protection insurance is a type of life insurance that will pay off the residual mortgage value if the policyholder were to die. It is intended to remove the financial commitment of mortgage repayments if a key member of the family were to pass away.
Traditionally mortgage protection insurance is relatively cheap with premiums as low as £4.50 per month; the price of mortgage protection insurance is heavily dependant on the age of the policyholder when they take out the policy and the sum assured (level of cover).
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