Mortgage Payment Insurance

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Redundancy isn't the only reason to consider insurance

Although most people think of mortgage payment insurance as protection against redundancy, there are other reasons why it's worth considering. In the event of an accident or serious illness you might be unable to work, and that means you won't be able to pay the mortgage possibly for a long period.

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When most people think of mortgage payment insurance, they think of redundancy protection. However, mortgage payment insurance doesn't just cover you against the risk of losing your job, but in many cases also pays out if you suffer from an accident or serious illness that prevents you from working.

The risks are worth thinking about. According to the DSS, one in 11 of the working population are currently claiming sickness benefit and more than 2,800 people per day start claiming benefits as a result of sickness or injury. Industry experts estimate that 32% of mortgage arrears are due to redundancy, illness or injury.

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