This insurance is similar, but not the same as Mortgage Repayment Protection. This policy will pay out directly to whoever the money is owed to whereas, the former policy will pay monies out to you to utilise accordingly.
Again, this is a form of income protection that will pay out on your mortgage in cases of serious illness or injury or if you have had involuntary redundancy.
However, it is only able to pay upto around 65% of your gross annual salary. The policy covers both interest only mortgages and repayment (capital and interest) and will usually pay out for a maximum of 12 months or until you are fit to return to work – whichever happens first
Why not talk to us about which policy is best for you 01274 028019
Your income protected incase of illness or serious injury
Find Out More