Mortgage payment protection insurance is a phrase that’s used to get a family of insurance coverages. They comprise loan protection, mortgage protection, and income security. Find more info here about the best mortgage protection.
While they do exactly the identical thing, which will be to give the policyholder income, they can do this for different chances.
All policies can provide the financial security of a tax-free income. The insurance can payout if the policyholder should be unable to work due to suffering sickness or accident.
It can also protect against unemployment via involuntary redundancy. Usually, you would have to wait for between 30 and 90 days of being declared unfit for work or unemployed before you claim. A policy would then carry on paying for between 12 and 24 months depending on the terms and conditions.