Mortgage Protection Insurance
From over 130 products
An introduction to mortgage payment protection insurance
Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily. It is also worth noting that although statutory sick pay doesn’t usually affect short term IP, anything you receive over above statutory (from your employer for example) can affect the benefit payable under the policy. If this is the case, you may be better off going for accident and sickness MPPI cover only. State benefits don’t usually affect this unless they take you over the maximum claim limits, but this is worth checking before taking out a policy.
As a general rule, mortgage protection policies will start paying out either 31 days or 60 days after you are unable to work. However, many policies are ‘back to day one’ plans. This means that the benefit you receive is backdated to the date you were first out of work.
Remember that policies won’t usually allow claims related to unemployment within the first three or six months so make sure you have savings in place for this period.
We want to show you as many mortgage protection insurers as possible, so you can choose the right one for you. Not all mortgage protection insurers want to be included on comparison websites, so we can’t promise to include every single company. We list your quotes from the cheapest to the most expensive. You can find out more about how we work here.
Finding a cheap mortgage protection insurance policy is not that difficult. However getting the correct coverage for your individual needs can be quite tricky. Read our mortgage protection insurance guide to make sure your new mortgage protection insurance policy ticks all the right boxes.