Accident, Sickness and Unemployment
Cover
This cover is designed to pay
your monthly mortgage payments, and up to 25% more if needed,
if you are made redundant through no fault of your own, or
you are unable to work due to an accident or illness. You
can still make a claim even if you get paid sick pay. It usually
pays out for 1-2 years and can be paid by a monthly premium.
It is important to be aware that the
government will not consider a claim to assist with mortgage
interest payments, until 9 months after redundancy, so you
would need to have sufficient savings to cover at least 9
mortgage payments. Even after 9 months they will only pay
the interest part of your mortgage payment, so if you have
a repayment mortgage you will still have to pay the capital
portion.
The unemployment; and the accident/sickness
parts of the cover can be separated out if desired, and this
can reduce the overall premium, however the main considerations
should be that you are comfortable that you are adequately
covered.
For the protection products mentioned
within this page we usually offer products from a single provider.
Your home may be repossessed
if you do not keep up repayments on your mortgage.
Details
of our fees can be found here.
The FSA does not regulate Commercial
Mortgages or some forms of Buy to Let Mortgages.
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