Mortgage Protection Insurance Explained

Owning your home is a great thing, but what happens if you are unable to make mortgage payments through no fault of your own? Mortgage protection insurance is a safety net that allows you peace of mind and to build your life with your house at the centre of it.

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There are three main conditions of your life that could be covered by mortgage protection insurance. You can put together a policy that covers one or all of these situations.

Unemployment b In cases when you are made redundant from your job you can claim for help with making payments on your mortgage. Periods of unemployment that are not enforced will not be covered. There are also usually conditions whereby you can only claim on your insurance after a certain period has been covered.

Accident b If you are involved in an accident, whether at work or in a public setting, you may not be able to work and earn a living for a period of time whilst you recover. In these cases an insurance policy can be called upon to ensure you can make your mortgage repayments.

Illness & Sickness b For those individuals who are suffering from an extended sickness that requires time away from the workplace, or a terminal illness, keeping up with mortgage repayments can be tough. Youbll want to ensure your home is safe for you, your family and their future.

Mortgage payments are often the biggest outgoing homeowners will have on a monthly basis. If you feel you need help to cover the unexpected and enable you to keep your home in the worst circumstances, mortgage protection insurance can help. Give Central Mortgages a call today and a member of our team will be happy to talk through your personal circumstances and help you make the right choice.