In the event of an accident, illness or unemployment, mortgage payment protection insurance provides cover to meet your monthly mortgage repayments until you are able to return to work. Some policies do not require you to have a mortgage and the payments can be used to cover your household bills or for whatever purpose you require.

Other factors -

How much cover can I have? Typically insurers will allow benefits of up to 50 - 65% of gross monthly income.

How long are benefits paid for? In the event of a claim, benefits are payable for a limited period - usually 12 or 24 months. Often a policy excludes the first 30 days of disablement. However, some policies have "back to day one" benefits in that if the period of disablement exceeds 30 days all benefits will be backdated to the first day of the claim regardless of the waiting period. Note: Unemployment insurance typically exclude cover for unemployment which occurs or is notified within the first 120 days of the policy and thereafter the 30 day deferred period would apply.

I am self employed - Will I be able to get unemployment insurance? Generally, unemployment cover isn't suitable for the self employed. However some policies cover the self employed, directors and business proprietors should the business fail or is formally wound up by an independent third party.

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