UK Mortgage Protection Insurance - Key Considerations

Here are a few facts to help you decide on the right income protection insurance policy.

• You may be entitled to 50% of the interest paid after 8 weeks and 100% of the interest paid after 26 weeks if you took your mortgage out before the 2 October 1995
• You may be entitled to 100% of interest paid after only 40 weeks if you took your mortgage out after the 2 October 1995.
• In 1998 850,000 lost their job and half of those were still not working 6 months later
• 1.3 million people have been unable to work for the past 2 years due to sickness
• In 1997 around 3 million people were injured at home
• Income Support only covers 30% of those that really need it - the rest are not eligible. Your mortgage debt will not mean you qualify even if you have genuine health or sickness reasons for not being able to pay your monthly bill
• If your partner works 16+ hours a week no Income Support benefits will be considered
• Illness and recovery from accident can take a long time to happen - longer depending on the nature of your work. It can hinder future credit applications and effect your life insurance policies
   
• If the mortgage is for a let property no payment is made