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Getting on to the property ladder is not an easy task in today’s tough economic climate. Once you have made it, ideally you would want to stay on it and even diversify your property portfolio in the future.

But life does not always go according to even the best laid plans. Job loss has become a very real threat due to the economic downturn. If the worst did happen, could you meet your financial commitments if you were out of work for six months?

Life’s unexpected challenges could mean losing your home. Loss of income due to involuntary redundancy, a prolonged illness or injury due to an accident could threaten your ability to keep up with your mortgage repayments.  Mortgage payment insurance offers financial protection against loss of income due to unemployment, illness or injury. It covers your mortgage repayments for a fixed period of time so that you can focus on getting your life back on track.  

Most insurance providers allow you to tailor your mortgage payment insurance policy to cover unemployment and sickness or accident and sickness or unemployment on its own.

What is important when considering mortgage payment insurance, is finding the right insurance product that you can afford and that provides the type of cover you need. From contents insurance to mortgage payment protection insurance, life insurance to buildings insurance, each product is tailored to provide financial security against specific events. Some insurance providers allow you to add additional insurance products on to an existing home insurance policy i.e. buildings insurance, contents insurance and mortgage protection insurance. It pays to do your homework and compare insurance quotes to ensure you are getting value for money and the level of cover you want.

Author Bio

Duncan Alexander has been employed in financial services for 14 years. He has worked for the Principality Building Society since 2005 and currently works in their eChannels Department. He is Welsh, a keen runner and currently lives in Cardiff.

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