Ok so you have just bought your dream home and everything is great. You are in for 6 months and then you injure yourself at work and break your leg. Your leg been put in plaster for 3 months and the doctor suggests that you may be off work for another 3 months as you require physiotherapy and rehabilitation before starting back work.
Your next thought though turns to how you are going to be able to pay your mortgage and but food for yourself as you only get 4 weeks sick pay from your employer and then after that you will go onto Statutory Sick Pay, currently £86.70 per week.
Your leg and your dream home shattered in the one incident
However things could have been so much different if you have decided to opt for the Mortgage Payment Protection policy that your mortgage advisor suggested for you as after discussing your needs in great detail he advised you that due to the lack of sick pay that you get at work then it may be prudent to look at protecting your mortgage.
Although Mortgage Payment Protection has been getting some bad press recently within the PPI scandal, it still has a place when trying to protect your mortgage payments in the event of illness or injury
Most policies in the market place will cover you for Accident and Sickness, but in some cases some policy providers will provide you with the full package of Accident, Sickness and Unemployment cover. You generally can mix and match and it is up to your own circumstances what you choose to select
Most top rated providers will give you cover back to day one so you know that you are covered straight away which will give you complete peace of mind and stop you worrying about paying your mortgage
Again most providers will give you cover up to £3,000 monthly benefit with that subject to a maximum of 75% gross salary
Other features and benefits that you can select will be the deferment period and this will be determined by the amount of savings that you have and are prepared to use or you may have some form of sick pay in work that maybe covers you for 3 months. So if that was the case then you would make your deferment period to kick in after that period.
It is important to understand though that some areas are not covered on these types of policy and this can be pre-existing medical conditions, Self inflicted injuries, cosmetic surgery or drug or alcohol abuse and in some cases Back conditions, or mental or nervous disorders such as stress. Before you sign up for this type of policy it is important to read through the policy booklet and the policy exclusions so that you know what you are and are not covered for
In conclusion I would suggest before entering into any type of mortgage payment protection policy you double check the policy schedule so that in the event of a claim you get your pay out. https://www.terminsurancequotesuk.co.uk