Mortgage payment

Protection

Mortgage Payment Protection

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 is 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. This does not mean that they are not right for some people as they are able to provide valuable protection in the right circumstances.

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. The DWP confirmed in February 2009 that 2.6 million people were claiming incapacity benefit in the UK. Due to uncertainties in the present economy and the risk of redundancy being at an all time high, mortgage payment

This Payment Protection Insurance is optional. There are other providers of Payment Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneymadeclear.org.uk


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