What is it?
A Mortgage Payment Protection Plan is designed to ensure that you are able to continue to make your mortgage (and other related) payments in the event of an accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans can pay benefits for up to two years so, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
If you have sufficient income protection then unemployment cover only can be chosen as an option.
Who is it for?
This type of plan is there in case you are unable to continue your mortgage payments due to losing income caused by an accident, sickness or being made unemployed.
It is extremely important that you take financial advice before taking out this type of plan as they are not always the best or cheapest option. Please contact us to discuss whether you need this cover and that you would be eligible to benefit from the proceeds should you ever be unfortunate enough to make a claim.
Do you know what benefits you would be entitled to if you were unable to work due to accident sickness or unemployment?
If you would like to discuss your needs in this area please contact us to arrange a no obligation appointment. Find out more about our General Insurance products below