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Our mortgageprotect policy is designed to help you meet your monthly mortgage commitment (as well as a few others if you choose) so that if you fall ill, have an accident, or are made redundant (as long as you choose the appropriate sections of cover), you can be confident that those regular outgoings will be paid for you, for up to 12 months.

Up until now you might have chosen to have relied on help from the State if you were unable to earn an income, but with rising house prices and the corresponding rise in the size of the average mortgage, coupled with the fact that the State will only pay the interest on your mortgage at best, you might now be thinking of taking matters into your own hands.  

The advantage with our policy is that it is age-rated – the younger you are, the lower the premium. If you’re aged between 18 and 45, you’ll find our premiums hard to beat, and even if you are over 45 we can still be competitive when compared with the products from many of the banks and mortgage lenders.

So what does mortgage payment protection cover?

If you apply for a mortgageprotect policy you’ll be asked how much you would like to insure on a monthly basis and what this amount includes. So as well as covering your mortgage payments, you can also choose to cover up to another 25% to take care of commitments that are related to your mortgage payments, such as insurance premiums like this payment protection cover, life cover or buildings and contents insurance.  

You will then receive a monthly benefit for the amount you choose for every month you are unable to earn an income for up to 12 months.  

What doesn’t it cover?  

Just like any other insurance policy, be sure to read the Summary of Cover before buying to make sure that it is appropriate for your needs. Things to look out for on any mortgage payment protection insurance policy are whether it covers people working on short or fixed-term contracts, self-employed people, and conditions like back pain or mental illness. You also need to check how long the excess period is (the time it takes for the policy to start paying you the monthly benefit) as this is something that you can usually choose for yourself – typically it will either be 30, 60 or 90 days.  

Also worth checking is if there is any initial exclusions period, especially for the unemployment cover. Even though you might only choose a 30-day excess period, it is more than likely that your policy will contain a longer period of something like 6 months from the first day of cover until it would pay out if you were made redundant.

mortgageprotect is underwritten by Bankers Insurance Company Ltd (part of Assurant Solutions), one of the UK's leading providers of protection based products.

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*This annual premium saving can be achieved by approximately 27% of customers and is based on a mortgageprotect customer, aged between 25 and 29 years with a £750 monthly benefit on full cover, 30 day deferment, vs the average price of equivalent policies published on the FSA’s Comparative Tables website during July 2008.