I want to make sure that my monthly mortgage repayments are paid for me if I’m off work due to sickness, accident or unemployment. What kind of insurance do I need?

• You need Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance will pay your monthly mortgage repayments if you were off work due to accident, sickness, or unemployment. Remember that your home is at risk if you fail to keep up the repayment of loans secured against it, so it is important to think about this and take action.

Basically, Mortgage Payment Protection Insurance will remove the worry of whether you could afford your mortgage repayments if you were off work.

You may also want to consider Life Insurance that will pay off the mortgage if you die. However, you should think about your family circumstances. If you have no dependents, it may make more sense to buy Critical Illness Insurance or Mortgage Payment Protection, rather than Life Insurance.

Remember that if you want insurance that would totally repay your outstanding mortgage if you became critically ill, you need Critical Illness Insurance.

Please note : The information contained within the FAQ section has been written by Mortgage Protected Online

Related questions:

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