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 your mortgage repayments if you are ill or unemployed for a period of 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 Protection insurance
Mortgage Protection insurance 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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