Mortgage Payment Protection

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 expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.

It’s worth noting that there is currently no legal requirement to have such cover and potential mis-selling of these products has generated much interest from the media and the industry regulator in recent years. However, this doesn’t mean that they are not right for some people and can provide valuable protection in the right circumstances.

 

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 unemployment.

It is extremely important that you take advice before taking out this type of plan as they are not always the best nor cheapest option.

The plan will have no cash in value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse.

 

Copyright © 2019 Chine Financial Ltd. All Rights Reserved

Rebecca Benham trading as Chine Financial Ltd, 707B Wimborne Road, BH9 2AU, Company Number 9857690 England and Wales, is authorised and regulated by the Financial Conduct Authority.

(http://www.fca.org.uk/register/).

To view my Privacy Statement, please click here

To view my terms of business click here

Website terms of use click here

This site is only directed at persons within the UK. Calls may be recorded for training and monitoring.