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Morgage Protection Insurance Jargon Buster
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How does Mortgage Protection work? Being unable to work, and the loss of income that incurs, is likely to affect your mortgage repayments. Mortgage protection insurance is designed to allow you to continue your monthly mortgage repayments and thereby safeguard your home until you are able to return to work.
Under a mortgage protection policy, you pay regular premiums to an insurance company and subject to certain conditions they agree to pay you a monthly benefit if you are unable to work due to accident, sickness and unemployment. Mortgage Protection insurance polices may be offered as Combined Accident, Sickness, Unemployment Only or Accident & Sickness Only, and you may choose dependent on your own individual requirements.