Mortgage Payment Protection Cover is designed to ensure that you are able to continue making your mortgage and other related expenditure in the event of an accident, sickness or involuntary unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU.
These plans will usually pay your chosen benefit amount for up to two years or until you are able to return to work / find new employment.
However, if you would like a plan that pays for a longer period, then an Income Protection Plan may be more suitable although factors such as your occupation and health will need to be considered.
Who is it for?
This type of plan is designed for those who are worried about being able to continue their mortgage payments in the event of losing income due to accident, sickness or involuntary unemployment.
It is extremely important that you take independent financial advice before taking out this type of plan as they may not necessarily be the right option and alternatives may be more suitable for your circumstances.